By
Godfrey Benjamin
June 28th, 2024
AltLayer, a decentralized protocol that facilitates the launch of native and restaked rollups, will take the lead with a planned release of 684 million ALT tokens on July 25.
The month of July will see major crypto projects like Aptos (APT), Arbitrum (ARB), and Optimism (OP) unlock a substantial amount of tokens totaling around $755 million. This influx aims to address various issues within their respective ecosystems.
According to data from blockchain vesting tracker Token Unlocks, other prominent blockchains such as AltLayer (ALT), Xai (XAI), Sui (SUI), Immutable (IMX), and Starknet (STRK) also plan to release certain amounts of their tokens into circulation, bringing the total to eight projects.
These eight crypto projects are known for their contributions to the Ethereum ecosystem and layer 2 scaling solutions, helping to solve some of the blockchain trilemma challenges plaguing the industry.
AltLayer Leads the Way
Among these projects, AltLayer, a decentralized protocol that facilitates the launch of native and restaked rollups, will take the lead with a planned release of 684 million ALT tokens on July 25.
The tokens, valued at around $125 million, will support the growth of the ecosystem. Part of the total release will be dedicated to the development team, while the rest will go to investor rewards, advisory roles, protocol development, treasury functions, and community incentives.
ALT was introduced into the crypto market earlier this year in January and is currently available for trading on Binance, the world’s largest crypto exchange, as well as HTX (formerly known as Houbi Global) and Biget.
According to Token Unlocks, Xai, a gaming-focused blockchain project, will release the second-largest portion after AltLayer next month. The platform plans to unlock about $93 million worth of its native crypto on July 9.
Once completed, the digital assets will be distributed among its team, investors, and for ecosystem growth and development. Xai has also allocated approximately $2 million worth of XAI for reserves.
Aptos to Unlock More Tokens
Token Unlocks mentioned that Aptos plans to release another batch of its tokens at an undisclosed date next month. The network, designed to enhance the decentralized finance (DeFi) ecosystem and non-fungible token (NFT) capabilities, will roll out $11.31 million worth of APT in July.
Aptos has previously engaged in several token unlocks, including the recent release of $102 million worth of the digital asset in June and another $101 million worth last month.
The planned token unlock for July will support the project’s foundation, community initiatives, core contributors, and investor commitments. It will also introduce a series of initiatives aimed at expanding its ecosystem.
The platform’s integration of scalable solutions promises to unlock new opportunities for users seeking efficient blockchain transactions.
Arbitrum to Unlock $75 Million in ARBs
Token Unlocks reported that Arbitrum, which serves as a scaling solution for Ethereum, will unlock $75 million worth of its tokens on July 16.
This will mark the fifth time the platform has released some of its locked tokens back to the market to support its teams, advisers, and investors.
In March, Arbitrum unlocked $2.32 billion worth of ARBs for the growth of the ecosystem. A few months later, it released an additional $116.73 million worth of the tokens in April and $95 million in May.
The May release was followed by another batch of $105 million in June.
Other projects such as Sui, Immutable, and Starknet are also scheduled to unlock substantial amounts of their respective tokens before the end of next month.
However, specific details about their unlocking schedules and token amounts have yet to be disclosed. These crypto projects have also engaged in token unlocking over the past two months.