7 Token Unlocks to Watch Out For in July
Date: 2023-07-02 Author: Karina Ziganova Categories: BLOCKCHAIN
The editors of have selected 7 important unlocks that are worth keeping an eye on in July.
1. Sui (SUI)
Unlock date: July 3
Number of Unlocked Tokens: 34.61 million SUI (0.35% of the total supply)
Value of unlocked tokens: $23.4 million
Total market capitalization: $6.81 billion
Sui is a high-performance layer-one (L1) blockchain. The operation and security of the network is provided by the Proof-of-Stake consensus algorithm. The project was developed by Mysten Labs - it was founded in 2021 by a group of former employees of Novi Research, who were responsible for the creation of the Diem blockchain and the Move programming language.
Since December 2021, Mysten Labs has raised $336 million in two rounds of funding. Among the main investors of the project are Binance Labs, Franklin Templeton and a16z Crypto.
The next SUI unlock will occur on July 3. "Unfrozen" tokens will be sent to the participants of the public presale.
2. dYdX (DYDX)
Unlock date: July 4
Number of unlocked tokens: 6,520,128 DYDX (0.65% of the total supply)
Value of unlocked tokens: $13.82 million
Total market capitalization: $2.12 billion
At the beginning of 2023, the largest decentralized derivatives trading protocol, dYdX, announced changes to the project's original tokenomics. According to the update, 30% of the total supply of DYDX will go to early investors, another 30% will be distributed to the team and community reserves, 28% will be used to reward traders and liquidity providers, and the rest will go to future employees, miners and stabilization funds At the moment, 23.65% of the total supply of 1 billion DYDX is in circulation. The remaining tokens will be unlocked in small installments over the next three years.
3. Aptos (APT)
Unlock date: July 12
Number of unlocked tokens: 4.54 million APT (0.454% of the total supply)
Value of unlocked tokens: $32.98 million
Total market capitalization: $1.68 billion
While Aptos' layer-one blockchain can definitely be called one of the most successful projects of this year, it is regularly criticized by the crypto community for its tokenomics, which is largely dominated by venture capital. Most of the supply – 83.37% APT – is still locked. Unlocks will take place every month for the next ten years.
4. Immutablex (IMCS)
Unlock date: July 15
Number of Unlocked Tokens: 18.075 million IMX (0.90% of the total supply)
Value of unlocked tokens: $13.1 million
Total market capitalization: $1.45 billion
Immutable X is a layer-two (L2) solution for scaling NFTs on the Ethereum blockchain. In September 2021, the project raised $12.5 million in just an hour as part of the IMX token sale on the CoinList platform, then closed an investment round of $60 million, and in March 2022 received another $200 million from ParaFi Capital, Declaration Partners, Tencent Holdings and other companies. More than half of IMX's supply is still blocked.
5. ApeCoin (APE)
Unlock date: July 17
Number of unlocked tokens: 15.6 million APE (1.56% of the total supply)
Value of unlocked tokens: $34.8 million
Total market capitalization: $2.3 billion
ApeCoin is the native token of Yuga Labs' Ape ecosystem, which includes one of the most popular NFT collections, the Bored Ape Yacht Club. Usually, APE reacts to unlocks with a fall - and given the recent BAYC sell-off, the drawdown can be especially large-scale.
6. Axie Infinity (AXS)
Unlock date: July 22
Number of Unlocked Tokens: 3.42 million AXS (1.26% of the total supply)
Value of unlocked tokens: $19.6 million
Total market capitalization: $1.55 billion
Axie Infinity is one of the most famous Play-to-Earn projects created by Sky Mavis studio. The game takes place in a virtual environment inhabited by creatures called "axies". The platform allows you to cross them by creating new characters. Players earn rewards by winning battles and selling axies.
The platform's native token, AXS, is used to develop the platform, pay out staking rewards, and solve a number of other tasks. The coins released on July 22 will be intended for users who have locked their assets in smart contracts.
7. Space ID (ID)
Unlock date: July 22
Number of unlocked tokens: 15.15 million IDs (0.76% of the total supply)
Value of unlocked tokens: $4.39 million
Total market capitalization: $522.77 million
Space ID is a universal decentralized identity protocol that connects people, assets, and dApps across various blockchains. The platform allows you to use a single domain name to represent your identity across all individual applications and networks.
On July 22, the project will unlock more than 15 million tokens, which will be distributed between the Space ID Foundation and airdrop participants.
