In addition to Arbitrum, other networks like Sui, Aptos, and Optimism are set to unlock millions of tokens in the market this month.
As per data from Token Unlocks, more than 32 projects are scheduled to unlock over 43 billion worth of crypto tokens into circulation this month of March 2024.
Arbitrum takes the lead in this month’s token unlocks, marking a significant milestone since its initial airdrop. The upcoming unlock will also double the asset’s current circulating supply.
According to Token Unlocks data, the project will release over 1 billion ARB tokens, accounting for 87% of its existing circulating supply, by March 16. At current market rates, the value of this Arbitrum token unlock stands at approximately $2.2 billion. Breaking down the unlock, the project’s core team and advisors shall receive 673.5 million ARB tokens. On the other hand, investors in the layer2 network shall receive 438.25 million ARB tokens.
Tran Hoan, founder of the venture capital firm Capybara Investments, characterized the unlock as “significant”. He observed that such a sizable release might not prompt selling pressure immediately on the market, as major investors and the project team typically exhibit caution. Hoan added:
“Not all tokens will dump on the market immediately, Major investors don’t do that. Given the potential for massive growth ahead, it might not be wise to sell tokens now. However, there could be a point where the market becomes wary of a large unlock, leading to pressure on the token price.”
Other Crypto Token Unlocks Scheduled for March
Layer1 blockchain network Sui will introduce an additional 34.62 million units of SUI tokens, valued at $58.15 million, by March 3. Notably, the network has initiated new token releases since the start of the year.
Similarly, Aptos will unveil 24.84 million APT tokens, representing 6.76% of its circulating supply, by March 13. This unlock carries an estimated value of $290 million as of press time. Throughout the year, the Aptos team has introduced over $450 million worth of digital assets into the market. Despite this, its price performance has seen a modest 25% increase year-to-date.
Aptos is also looking to expand its footprint in the African continent. Last month, Apros collaborated with Jambo to link Africans with global blockchains. Together, they aim to empower individuals in developing countries through Web3 technology. Their joint initiative includes the launch of JamboPhone, a budget-friendly smartphone priced at $99.
Optimism, a layer2 blockchain network on Ethereum, is scheduled to release 24.16 million OP tokens by March 29, with the assets’ value exceeding $90 million. It’s important to note that the project has injected approximately $166 million worth of assets into circulation since the beginning of the year.
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