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July 30, 2024August Brings Massive Token Unlocks: Ripple’s $609 Million XRP Release and More
August 2024 is set to witness significant token unlocks from several major cryptocurrency projects, with nearly $1.5 billion worth of tokens scheduled for release. A substantial portion of this amount will come from Ripple’s XRP, which will see 1 billion tokens, valued at approximately $609 million at current prices, unlocked on August 1.
Ripple’s Monthly XRP Unlock
Ripple, the organization behind the XRP Ledger blockchain and its native XRP token, has a longstanding practice of unlocking up to 1 billion XRP tokens on the first day of each month since 2017. These tokens are distributed from several main escrow wallets, including Ripple (24) and Ripple (25), ensuring an even split each month.
Despite this routine, Ripple has previously re-locked significant amounts of unlocked XRP. For instance, from the June 1 release, Ripple re-locked 800 million XRP but also sold around 300 million XRP, worth $182 million at that time, according to TradingView. Although 1 billion XRP tokens are unlocked monthly, the actual amount released into circulation is often less due to the re-escrow process described in a 2017 XRP Ledger blog post.
Other Major Token Unlocks in August
In addition to Ripple’s substantial unlock, other notable projects will also release significant amounts of tokens this month:
- Wormhole: On August 3, Wormhole will unlock 33.3% of its circulating supply, equating to 600 million Wormhole (W) tokens valued at $180.5 million. This release follows its airdrop launch on April 4.
- Avalanche: On August 20, Avalanche will unlock 2.4% of its circulating supply, totaling 9.4 million AVAX tokens with a market value of $268 million.
August 1 Token Unlocks
Besides XRP, several other projects will unlock significant portions of their supply on August 1:
- Sui: The layer-1 network Sui will release 2.56% of its circulating supply, amounting to 64 million tokens valued at $50 million.
- dYdX: The decentralized exchange dYdX will unlock 8.33 million tokens worth nearly $11 million, which represents 3.65% of its circulating supply. These tokens will be distributed among investors, founders, staff, and future employees.
- ZetaChain: The new layer-1 network ZetaChain will unlock 18.9% of its circulating supply, which amounts to 53.9 million ZetaChain (ZETA) tokens valued at approximately $34.5 million. This follows its launch in February.
Additional Unlocks Later in August
Several other noteworthy unlocks are scheduled for later in the month:
- ImmutableX: On August 9, ImmutableX will unlock 2.11% of its circulating supply, releasing 32.5 million IMX tokens valued at $49 million.
- Aptos: On August 12, Aptos will release $80 million worth of its native Aptos (APT) tokens.
- The Sandbox: On August 14, The Sandbox will unlock $69 million worth of its native SAND tokens.
- Starknet: On August 15, Starknet will unlock 64 million STRK tokens, representing 4.4% of its circulating supply, with a market value of $35 million.
- Arbitrum: On August 16, Arbitrum will release 92.6 million ARB tokens, amounting to 2.8% of its circulating supply, valued at $67 million.
August 2024 is shaping up to be a significant month for the crypto market with massive token unlocks across various projects. Investors and market participants should closely monitor these releases as they could impact token prices and market dynamics.
