XRP Dominates $1.5B August Unlocks with $609M Token Release

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As a seasoned researcher with extensive experience in the cryptocurrency market, I’m excited about the substantial unlock events scheduled for August 2024. With nearly $2 billion worth of tokens set to be released, this is a significant moment for numerous projects in the industry.

As a researcher studying the crypto market, I can tell you that August is poised to bring about a significant release of tokens worth approximately $1.5 billion from industry trailblazers. Among these tokens is XRP, the native currency of the XRP Ledger, which has a planned unlock of one billion tokens valued at around $609 million, as of July 29, 2024.

Since 2017, Ripple has adhered to a regular practice of distributing 1 billion XRP tokens every month. Two designated wallets, identified as Ripple (24) and Ripple (25), are employed by the company for this purpose. This consistent release schedule contributes to the XRP ecosystem’s transparency and dependability.

Beyond XRP’s Dominance

XRP holds the reins for August’s token unlocks, but other projects boast significant token releases. Notably, Avalanche and Wormhole are highlighted as key players. Based on Token Unlocks data, these Layer-1 networks possess unlock values exceeding $449 million.

Beginning August 3rd, Wormhole (W) will make accessible approximately one-third of its current token supply, equating to around 600 million W tokens. With each token currently valued at roughly $0.29 based on a market capitalization of $175 million, this event follows the successful execution of their AVRIBOS airdrop in April.

In August, the unlock event goes beyond just established initiatives. Some fresh entrants, such as Layer 1 network Sui, decentralized exchange dYdX, and the self-proclaimed “universal” blockchain ZetaChain, are all set to make substantial token releases on August 1st.

Sui is set to distribute 2.56% of its total supply, which amounts to 64 million tokens with a market value of $50 million. Correspondingly, dYdX will disburse approximately 3.65% of its circulating tokens, equivalent to 8.33 million tokens valued at around $11 million. It’s important to note that these tokens will be allocated among three distinct groups: investors, founders and team members, as well as future hires.

Starting August 1st, ZetaChain (ZETA), which went live in February 2024, intends to make accessible approximately 18.9% of its total supply. This equates to approximately 53.9 million tokens, currently valued at roughly $34.5 million in the market.

Gaming and Web 3.0 Join the Party

As an analyst, I’m observing that the excitement surrounding unlocks in the crypto space persists into the second week of August, with notable figures from the gaming and Web 3.0 industries taking part. Specifically, ImmutableX, a leading crypto gaming network, is set to release 2.11% of its total circulating IMX supply on August 9th. This equates to approximately 32.5 million tokens, currently valued at around $49 million based on the market price.

As a follow-up to Sui’s layer-1 network, Aptos, with its rival status, will make accessible $80 million in APT tokens on the 12th of August. Similarly, The Sandbox, a major player in web3 gaming, intends to release $69 million worth of SAND tokens on the 14th of August.

The Ethereum scaling solutions, Starknet and Arbitrum, are not to be left out. Starknet will unleash 64 million tokens on August 15th, representing 4.4% of its circulating supply. These tokens hold a current market value of $35 million. Finally, on August 16, Arbitrum (ARB) is scheduled to unlock 92.6 million tokens, which equates to 2.8% of its circulating supply, with a current market value of $67 million.

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2024-07-29 14:08