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August is set to witness the unlocking of $1.5 billion in tokens from major crypto projects. Leading the pack is Ripple, with one billion XRP tokens valued at $609 million being released on August 1, alongside significant unlocks from Avalanche and Wormhole.
Ripple Leads August Token Unlocks with $609M XRP Release; Avalanche and Wormhole Follow Suit
August is expected to see the unlocking of $1.5 billion in tokens from key crypto projects. One billion XRP tokens, currently valued at $609 million, will account for a significant portion of the month's total on August 1.
According to Cointelegraph, since 2017, Ripple, the organization responsible for the XRP Ledger blockchain and its native XRP token, has released between one and one billion tokens on the first day of each month. It equitably distributes the monthly unlocks by employing several primary escrow wallets, such as Ripple (24) and Ripple (25).
Nevertheless, Ripple may consider relocking a significant portion of the recently released XRP. Ripple relocked 800 million XRP from its June 1 unlock; however, it continued to sell approximately 300 million XRP, valued at $182 million at the time, according to data from TradingView.
According to a 2017 blog post by XRP Ledger, the actual quantity of XRP released into circulation is "likely much less than this" due to a re-escrow process, even though up to 1 billion XRP tokens are activated at the beginning of each month.
Avalanche, a layer-1 network, and Wormhole, a cross-chain bridging platform, are among the other significant unlocks in August. These two platforms have released a combined $449 million worth of tokens, according to Token Unlocks data.
Wormhole will unlock 33.3% of its circulating supply on August 3, which equates to 600 million Wormhole (W) tokens with a current market value of $180.5 million. It follows the successful completion of its eagerly anticipated airdrop debut on April 4.
Avalanche will activate 2.4% of the circulating supply of its tokens on August 20, which equates to 9.4 million AVAX with a current market value of $268 million.
August 1 Sees Major Token Unlocks from Sui, dYdX, and ZetaChain Alongside Ripple's XRP
In addition to XRP, the first day of August will also see the unlocking of substantial portions of the supply for three other projects: layer-1 network Sui, decentralized exchange dYdX, and "universal" blockchain ZetaChain.
On August 1, Sui will release 64 million tokens, worth $50 million, unlocking 2.56% of its circulating supply.
DYdX will unlock 8.33 million tokens on the same day, valued at nearly $11 million and representing 3.65% of its circulating supply. The tokens will be unlocked for three distinct groups: investors, founders and staff, and future employees.
In the interim, the new layer-1 network ZetaChain will liberate nearly 18.9% of its circulating ZetaChain(ZETA) tokens on August 1. The market value of 53.9 million tokens is approximately $34.5 million at the current price. This follows its introduction in February.
August Token Unlocks Include ImmutableX, The Sandbox, Aptos, Arbitrum, and Starknet Releases
ImmutableX, a crypto gaming network, will liberate 2.11% of the circulating supply of Immutable (IMX) tokens on August 9. This amount, 32.5 million tokens, has a market value of $49 million.
The Sandbox, a Web3 gaming platform, will unlock $69 million worth of its native The Sandbox tokens on August 14. Aptos, Sui's competitor layer-1 network, will unlock $80 million of its native Aptos token on August 12.
The tokens are also scheduled to be released by two Ethereum layer-2 networks: Arbitrum and Starknet.
On August 15, Starknet will release 64 million Starknet (STRK) tokens, representing 4.4% of the token's circulating supply. The tokens are currently valued at $35 million in the market.
Arbitrum (ARB) will activate 92.6 million Arbitrum (ARB) tokens on August 16, representing 2.8% of its circulating supply. The tokens that have not yet been released are valued at $67 million.
