August to Witness Massive $1.5B Crypto Token Releases from Top Projects
Key Insights:
- Ripple will unlock 1 billion XRP tokens on August 1 but typically re-locks a significant portion to control circulation.
- Avalanche and Wormhole together will release $449 million worth of tokens, significantly contributing to August’s total unlock value.
- Additional unlocks from Sui, dYdX, ZetaChain, and others on August 1 will collectively add millions more tokens to the market.
August is anticipated to be a notable month in the cryptocurrency market, with close to $1.5 billion in tokens scheduled for release. Key projects, including Ripple’s XRP, Avalanche, and Wormhole, contribute significantly to the total amount of tokens set to be unlocked.
Ripple’s XRP Unlock and Re-lock Process
Ripple is poised to unlock 1 billion XRP tokens on August 1, representing a substantial portion of the month’s total. Valued at approximately $609 million, these tokens are part of a routine practice by Ripple, which has unlocked 1 billion tokens monthly since 2017. These tokens are distributed across several main escrow wallets, such as Ripple (24) and Ripple (25), to ensure an even distribution.
Despite the sizable release, Ripple typically re-locks a significant portion of the newly unlocked tokens. For instance, from the June 1 unlock, 800 million XRP were re-escrowed, while around 300 million XRP, worth $182 million at the time, were sold. This practice, as outlined by XRP Ledger in a 2017 blog post, indicates that the actual circulation increase is often much lower than the initially unlocked amount.
Other Major Token Unlocks in August
Several other significant unlocks are slated for August, including those from Avalanche and Wormhole. On August 3, Wormhole will unlock 33.3% of its circulating supply, amounting to 600 million Wormhole (W) tokens with a market value of $180.5 million. This follows Wormhole’s airdrop launch on April 4.
Later in the month, on August 20, Avalanche will release 9.4 million AVAX tokens, which constitutes 2.4% of its circulating supply. These tokens currently have a market value of $268 million, adding a substantial amount to the overall token unlocks for August.
Additional Token Releases on August 1
August 1 will see further significant token unlocks from other projects, including Sui, dYdX, and ZetaChain. Sui is set to unlock 64 million tokens, valued at $50 million, representing 2.56% of its circulating supply.
On the same day, dYdX will release 8.33 million tokens, worth nearly $11 million, which equates to 3.65% of its circulating supply. The unlocked tokens will be allocated among investors, founders, staff, and future employees.
Meanwhile, ZetaChain will unlock 53.9 million ZETA tokens, constituting 18.9% of its circulating supply. These tokens have a current market value of approximately $34.5 million and follow the network’s launch in February.
Further Token Unlocks Throughout August
In addition to the early August releases, several other projects are scheduled to unlock tokens later in the month. On August 9, ImmutableX will unlock 32.5 million Immutable (IMX) tokens, valued at $49 million, representing 2.11% of its circulating supply.
Following this, on August 12, Aptos will release $80 million worth of its native Aptos (APT) token. The Sandbox, a Web3 gaming platform, will unlock $69 million worth of its native SAND tokens on August 14.
The second half of August will also see notable unlocks from Ethereum layer-2 networks Starknet and Arbitrum. Starknet will release 64 million STRK tokens on August 15, equating to 4.4% of its circulating supply, with a market value of $35 million. The following day, Arbitrum will unlock 92.6 million ARB tokens, representing 2.8% of its circulating supply and valued at $67 million.
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