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Aevo and Pyth lead the $3 billion crypto token unlock wave
The cryptocurrency market will experience its second unlock token over 3 billion dollars for this year in May, according to data from Token Unlocks.
Token unlocking involves the gradual release of coins initially held to discourage early investors or team members from quickly selling their large-volume holdings. This process has consistently exerted a significant influence on broader market conditions, amplifying selling pressure on a digital asset.
Pyth, Aevo leads with over $1 billion unlocked.
Two major players, Aevo and Pyth, are leading May’s major token unlock, each expecting to release over $1 billion worth of tokens.
Aevo is preparing to release 827.6 million tokens worth $1.257 billion, marking an astonishing 758% increase in its current supply. This unlock is scheduled for May 15th.
Additionally, the Layer-2 DEX roll-up will put 6.13 million AEVO tokens into circulation every day between May 16 and May 24. These tokens will mainly enter the DAO treasury, early private sale investors and the project team.
On the other hand, Pito Network, a decentralized Oracle service provider based on Solanaplans to more than double its circulating token supply by unlocking 2.13 billion tokens worth approximately $1.25 billion on March 20.
This token unlock marks the first release of Pyth since its launch last November. The event aims to incentivize ecosystem participants, protocol developers and early supporters.
Avalanche, others follow.
In addition to these gigantic unlocks, numerous other projects are preparing for the release of tokens in May.
Avalanchea layer 1 blockchain, will launch 9.54 million AVAX tokens worth $332 million on May 22. Interestingly, this marks the second major version of the token for the blockchain network this year.
DeFi protocol dYdX will unlock 33.33 million tokens, representing 10% of its circulating supply, valued today at $71 million. Likewise, USDe issuer Ethena will release approximately 4% of its circulating supply, equivalent to 53.6 million ENA tokens, on the same day.
Additionally, Memecoin is preparing to put 5.31 billion MEME tokens into circulation, amounting to $141 million and representing 31.92% of the circulating token supply.
Other projects scheduled to unlock this month include several Ethereum layer-2 networks like Arbitrum, Optimismand Starknet.