Top crypto projects to release $1 billion tokens from lock ups this February
This February, several crypto projects, including prominent ones like Avalanche, Aptos, Sui, and others, are poised to release over $1 billion in digital assets, according to data compiled by CryptoSlate from Token Unlocks.
Token unlocks refer to the gradual release of specific quantities of previously restricted cryptocurrencies to prevent substantial sell-offs by early investors or project team members.
Avalanche leads
Leading the pack is Avalanche, which is scheduled to unlock 9.5 million new tokens, constituting 2.60% of its circulating supply, on Feb. 22. This release is valued at approximately $340 million at current market prices.
Notably, most of these unlocked tokens, over 8 million AVAX units, are allocated to Avalanche’s team, Foundation, and strategic partners.
This move could impact the price dynamics of AVAX, which concluded January as one of the top performers among the top 10 digital assets by market capitalization.
Other major unlocks
Other significant token unlocks for February include layer1 blockchain network Aptos, which will release 24.84 million APT tokens (7.36% of its circulating supply) by Feb. 11. This token is estimated to be valued at $230 million as of press time.
Meanwhile, the digital asset has shown price resilience despite previous substantial unlocks. In the last 30 days, APT’s value increased by 9% despite the team releasing $234 million worth of tokens.
The metaverse-related project, The Sandbox, is set to unlock $95 million worth of tokens, or 209 million tokens (9% of its circulating supply), to its company reserves, teams, and advisors by Feb. 14.
Market observers suggest that this process may intensify selling pressure on SAND, which has declined 26% over the last 30 days.
Optimism also plans to unlock 24.16 million OP tokens, valued at $78 million, for its team and investors by the end of the month. This release follows an $88 million token unlock in the previous month.
In addition, the fast-rising blockchain network Sui aims to introduce 34.62 million tokens, valued at $53 million, by Feb. 3. Last month, a similar token unlock by Sui had a comparatively lower value, preceding the asset’s impressive performance that led to two new all-time highs within the last 30 days.
In addition, other crypto projects with planned unlock for this month include Apecoin, which would release $22 million worth of tokens; layer2 network Manta will introduce $23 million worth of assets; Galxe will unlock $10 million in digital assets.
