- Locked cryptocurrencies worth approximately $875 million from over 30 blockchain projects are set to be released in June 2024.
- Major releases include tokens from blockchain networks Aptos, Arbitrum, Starknet, and Sui.
- Crypto vesting practices aim to stabilize markets by preventing early investors from selling off tokens immediately.
In June 2024, the cryptocurrency market is poised to witness significant activity as nearly $875 million worth of locked tokens are scheduled for release. According to CoinGecko, the Ethereum layer-2 network Arbitrum is set to unlock 92.65 million ARB tokens valued at approximately $105.6 million on June 16. This release includes tokens allocated to the project’s team, advisers, and investors. Previously, in March, Arbitrum had released over a billion ARB tokens, which significantly impacted its market price, causing it to drop by more than 50%.
Another major player, Aptos, will unlock 11.1 million APT tokens worth around $102.6 million. The distribution scheduled for June 12 will benefit its foundation, community, core contributors, and investors, highlighting the project’s diverse stakeholder structure.
Other Significant Unlocks
Starknet, known for its zero-knowledge proofs technology, is also preparing for a substantial token release. On June 15, the project will release 64 million STRK tokens valued at $78 million to reward its early contributors and investors.
Similarly, the optimistic rollups project Optimism is set to release another 31.34 million OP tokens, also valued at about $78 million. This follows a similar release at the end of May, underscoring a consistent unlocking schedule that supports its contributors and investor base.
Impact of Token Unlocks
The practice of crypto vesting, where tokens are locked for a period before being released, serves as a stabilizing mechanism within the cryptocurrency market. It is designed to prevent sudden market oversupply, which can lead to price drops if large amounts of tokens are sold off quickly. By staggering the release of tokens, projects can manage the potential impact on token prices and overall market stability.
In addition to the major unlocks from Arbitrum and Aptos, the layer-1 blockchain platform Sui is also planning to release 65 million tokens valued at $66 million on June 1. These tokens, earmarked for Series A and Series B investors, early contributors, and community reserves, highlight blockchain technology’s ongoing investment and development.
