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Over $3.6 billion worth of crypto tokens could be unlocked
Data from TokenUnlocks revealed that around 19 crypto projects are expected to put at least $10 million worth of coins into circulation this month.
In the cryptocurrency industry, projects sometimes avoid launching the maximum supply of tokens on the open market. The practice is common with protocols that raise funds through venture capitalists and independent investors.
A portion of the token supply would then be subject to a vesting schedule known as a lock-up period. During this period, investors and contributors cannot liquidate cryptocurrencies or sell them on exchanges, although some protocols allow staking and generating yield on acquired tokens.
19 major cryptocurrency breakouts this month
Two protocols stand out among the 19 projects that will unlock approximately $3.66 billion in tokens this month. Pyth Network (PYTH), an Oracle service provider, will release approximately 2.13 billion tokens to the market, with an estimated current value of $1.2 billion. Second Unlocks via tokenPYTH tokens entering circulation will more than double the supply.
Even with the massive release, tradable PYTH tokens remain far from the total Pyth supply of nearly 10 billion per CoinMarketCap.
More than 827 million Aevo (AEVO) tokens will be unlocked within 10 days this month, increasing the protocol’s available supply more than sevenfold. Aevo offers perpetual and pre-launch options and trading facilities on its decentralized exchange. AEVO has a maximum supply of one billion, but only 110 million are in circulation. The AEVO tokens being unlocked have a market value of over $1.2 billion.
