$750M in crypto tokens are set to be unlocked in December 2023
Over $750M in frozen crypto tokens are likely to be unlocked by December in one of the most significant events in the cryptocurrency industry. This release, tracked by the data tracker Token Unlocks, involves well-known digital currency entities such as Aptos, Optimism, dYdX, and 1inch.
The decentralized exchange dYdX is leading this wave of token releases, with plans to distribute 150M tokens, largely to founders, crypto investors, and staff. These coins, which have a current market price of close to $500M, were set to be freed in February, but dYdX had to postpone the token roll-out for Dec 1, 2023, at 12:00 a.m. UTC, with more releases planned between Jan and Jun 2024.
Along with dYdX, Ethereum layer-2 network Optimism plans to unlock 24M tokens worth around $41M on Nov 30. Meanwhile, 1inch Network is getting prepared to issue around 98 million 1inch coins, valued at a whopping $33M, on Dec 1.
Aptos, a proof-of-stake blockchain project, also made important contributions to this version. Aptos intends to release over 25M tokens with a nearly $180M market value on Dec 12.
This collective release represents a significant injection of liquidity into the cryptocurrency market, which may influence market dynamics as the year comes to a conclusion.