Aptos Developers Unlock $200 Million Worth of Tokens
Date: 2023-12-12 Author: Dima Zakharov Categories: BLOCKCHAIN, BUSINESS
Unlocking $200 Million Worth of Aptos Tokens
Aptos, a blockchain project at the first level (L1), has made waves in the crypto world by releasing a substantial number of ART tokens on December 12, 2023. According to Token Unlocks data, the developers decided to unfreeze 8.9% of their circulating reserves, equivalent to approximately $201.7 million. The lion's share of this unlocked stash, approximately $96.4 million, was distributed to fresh faces in the Aptos community. The rest was divvied up as follows: $68.4 million for investors, $26.1 million for the community, and an additional $10.8 million directed to the Aptos Foundation.
Aptos Token Prices Surge by 4.6%
Following this significant token release, the digital currency's prices saw a remarkable surge of 4.6% within the last 24 hours. Aptos tokens were available for purchase at $8.2 each, and the total market capitalization reached an impressive $2.29 billion. The daily trading volumes for Aptos reached $194.7 million.
However, it's essential to note that after a similar release of APT tokens during the unlock event on November 12, 2023, the cryptocurrency's price experienced a 13.4% drop. The price plummeted from $7.82 to $6.77 over the following 9 days before gradually recovering to its original value.
Aptos: A New Blockchain Solution
Aptos is a relatively new blockchain project built on the Move programming language. It was developed by former Meta employees (Meta is prohibited in Russia) and aims to provide users with a faster and more scalable alternative. Notably, the network faced a 5-hour outage in October, causing popular exchanges like Binance, OKX, and Upbit to temporarily halt deposits and withdrawals of APT tokens.
According to Token Unlocks data, substantial token unlocks for ApeCoin and Optimism are scheduled to take place in the coming weeks. Developers plan to unfreeze tokens worth $26 million and $56 million for ApeCoin and Optimism, respectively, with procedures set for December 17 and December 30.
Upcoming Token Unlocks for ApeCoin and Optimism
ApeCoin, affiliated with the NFT Bored Ape Yacht Club (BAYC), will release 15.6 million APE tokens, which constitute 4.2% of the total circulating supply. As for Optimism (OP Mainnet), 24.2 million OP tokens, equivalent to 2.7% of the total market supply, will soon be available for trading on the market.
