$755M Worth of Major Crypto Projects Set to Unlock in July

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In a significant development for the crypto market, over $755 million in crypto unlock belonging to eight major protocols will be recorded in July. This is as the vesting periods for more than 40 projects get completed.

For context, crypto vesting is similar to the freezing of bank accounts to prevent withdrawals. The mechanism is activated to prevent early investors and members of the team from immediately selling their tokens by locking them up for a specific period. It functions to guarantee token’s price stability at the onset of a project.

AltLayer Leads Pack of Eight Major Crypto Unlock

According to data from Token Unlocks, several major projects will see substantial token releases in July 2024. Notable among these include AltLayer (ALT) with 684 million ALT tokens worth about $125 million and Xai (XAI) with $93 million worth of tokens.

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Others are Aptos (APT) 11.31 million APT tokens worth $77 million and Arbitrum (ARB) $75 million in tokens. Optimism (OP), Sui (SUI), Immutable (IMX), and Starknet (STRK) will all similarly unlock.

As per scheduling, AltLayer, with the largest portion of tokens, will unlock on July 25. These tokens are designated for its team, investors, advisors, protocol development, treasury ecosystem, and community. Currently, ALT’s token price stands at around $0.18.

Xai’s Significant Release and Aptos Performance

The gaming-focused project Xai, just like AltLayer, has its tokens allocated to the team, investors, and ecosystem. However, an additional $2 million is set aside for reserves. XAI is presently valued at $0.46.

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Notably, Aptos has already unlocked $101 million in May and $102 million in June. The July tokens are allocated to its foundation, community, core contributors, and investors. Surprisingly, APT has recorded about a 60% drop in price over the past three months as it plunged from a high of $17.63 on April 1 to $6.99 on June 28.

Arbitrum’s Upcoming Unlock

Arbitrum will be unlocked on July 16 and the tokens are earmarked for the team, advisors, and investors. Earlier this year, on March 16, Arbitrum released 1.1 billion ARB tokens valued at $2.32 billion. Since that major unlock, ARB’s price has fallen by 63%, from a high of $2.27 on March 8 to $0.82 currently.

Other unlocks include Optimism, Sui, Immutable, and Starknet, which have each unlocked millions of dollars worth of their native tokens over the past two months.

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