In July, cryptocurrency tokens worth $755 million are set to be released as the vesting periods for more than 40 projects reach completion.
Cryptocurrency vesting is a method that restricts early investors and team members from selling their tokens immediately by locking them. This strategy is crucial in averting a potential dip in prices during the initial stages of a crypto venture.
According to Token Unlocks, an organization tracking vesting data, notable projects such as AltLayer (ALT), Xai (XAI), Aptos (APT), Arbitrum (ARB), Optimism (OP), Sui (SUI), Immutable (IMX), and Starknet (STRK) will witness the unlocking of significant amounts of crypto assets in July of 2024.
Among the prominent token unlocks in July is AltLayer, a decentralized protocol, which is expected to release 684 million ALT tokens valued at approximately $125 million on July 25. These tokens are designated for the team, investors, advisors, protocol development, treasury ecosystem, and community.
Another significant unlock is anticipated from Xai, a gaming-oriented project, with around $93 million worth of tokens scheduled for release on July 9. Similar to AltLayer, these crypto assets are meant for the team, investors, and ecosystem, with an additional $2 million allocated to reserves.
Presently, ALT token’s value stands around $0.18, while XAI is priced at $0.46.
Furthermore, Aptos, following previous unlocks of $101 million in May and $102 million in June, is poised to release 11.31 million APT tokens valued at $77 million in July. These tokens will be distributed to their foundation, community, core contributors, and investors.
In the last three months, the price of APT has plummeted from a peak of $17.63 on April 1 to $6.99 on June 28, reflecting a 60% decline from April to June.
Arbitrum, which unveiled $95 million in May and $105 million in June, is slated to release an additional $75 million in tokens for its team, advisors, and investors on July 16. Moreover, the project issued 1.1 billion ARB tokens worth $2.32 billion on March 16. Following this large release, ARB prices have fallen by 63%, from a high of $2.27 on March 8 to $0.82 presently.
Similarly, Optimism, Sui, Immutable, and Starknet, having unleashed millions in their native tokens over the last two months, are expected to unlock comparable sums in July as well.
In related news, as the prevalence of Ethereum phishing scams grows, cybercriminals are shifting their focus towards TON and Bitcoin, as mentioned in a magazine piece.