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Crypto Unlocks to Reach $1.5 Billion in August Following the Recent $600 Million XRP Release

July 30, 2024
in Technology
Crypto Unlocks to Reach $1.5 Billion in August Following the Recent $600 Million XRP Release
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August could witness a substantial release of crypto tokens, amounting to almost $1.5 billion, with a significant portion coming from Ripple XRP.

On August 1, Ripple will unlock 1 billion XRP tokens, valued at around $609 million according to current market prices. Moreover, crypto projects Wormhole, Avalanche, and other protocols will release a substantial portion of their token supply in August. 

Crypto Token Unlocks in August After Ripple’s Release of XRP

Ripple’s 1 billion XRP release on August 1 is part of its long-standing strategy of unlocking XRP from escrow on the first day of each month. Ripple has upheld this practice since 2017 using their primary escrow wallets, Ripple (24) and Ripple (25).

Ripple’s regular token unlocks have been crucial to the XRP ecosystem. However, the company mitigates the impact on the circulating supply via a process known as re-escrow.

For instance, Ripple re-locked 800 million of the 1 billion unlocked tokens in June, opting to sell the remaining 300 million. At the time, this figure was worth $182 million.

This strategy helps manage the token’s supply and market impact, ensuring that the total unlocked amount doesn’t flood the market simultaneously.

In addition to XRP, other significant token unlocks will occur throughout August. Layer-1 network Avalanche and cross-chain bridging platform Wormhole will release tokens valued at $449 million.

Wormhole already plans to unlock 33.3% of its circulating supply on August 3, bringing the total to 600 million tokens worth $180.5 million. This follows Wormhole’s airdrop launch on April 4, which the crypto community had highly anticipated.

On the other hand, Avalanche has chosen August 20 to unlock 2.4% of its circulating supply, which consists of 9.4 million AVAX tokens with a market value of $268 million.

Other Unlocks Slated for August 1

Several other projects will release significant portions of their token supplies at the beginning of August. Sui, a layer-1 network, will unlock 64 million tokens, valued at $50 million, representing 2.56% of its circulating supply.

Also, dYdX, a decentralized exchange, has decided to give out approximately $11 million in crypto. This figure, which sums up to 8.33 million tokens, represents 3.65% of the DEX’s circulating supply. These tokens will go to staff, founders, investors, and future employees.

In addition, ZetaChain, another layer-1 network, will unlock 53.9 million tokens worth approximately $34.5 million, or 18.9% of its circulating supply. This unlock marks another major event for the network after its launch in February 2024.

Later in the month, the crypto gaming network ImmutableX will release 32.5 million IMX tokens, valued at $49 million.

Meanwhile, Sui’s rival, Aptos, will unlock $80 million of its native tokens on August 12. Web3 gaming platform The Sandbox will follow with an unlock of $69 million worth of its native tokens on August 14.

Ethereum layer-2 networks are also participating in the August unlocks. Starknet will release 64 million tokens worth $35 million on August 15, accounting for 4.4% of its circulating supply.

On the other hand, Arbitrum is ready to release 92.6 million tokens, worth $67 million, on August 16, representing 2.8% of its circulating supply.

These extensive token unlocks are poised to significantly influence the digital asset market dynamics, raising the need for more cautiousness when approaching crypto trades.

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.

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