Major Token Unlocks in July and August: Wormhole, ZetaChain, and More Set to Release Over $800 Million in Tokens

Major Token Unlocks in July and August: Wormhole, ZetaChain, and More Set to Release Over $800 Million in Tokens

In the wake of Wormhole’s airdrop in April, the cross-chain project is set to unlock a significant portion of its tokens this month—600 million tokens, valued at approximately $180 million. Wormhole is not the only project with notable token unlocks on the horizon. ZetaChain is preparing to release nearly a fifth of its circulating supply, and several other projects will also see token unlocks worth $50 million or more.

Here is a breakdown of the major token unlocks, each valued at $10 million or more at current prices, for the rest of July and August, according to Token.Unlocks data.

Optimism: July 31, $55 million

Optimism, an Ethereum Layer 2 network, will unlock 31.3 million tokens for core contributors and investors on July 31, representing about 2.8% of its circulating supply. These tokens are valued at approximately $55 million. Optimism also supports Layer 3 networks through its ‘Superchain.’

dYdX: August 1, $11 million

Decentralized exchange dYdX will unlock 8.33 million tokens worth around $11 million on August 1, which is 3.65% of its circulating supply. The tokens will be unlocked for investors, founders and staff, and future employees. The site, recently compromised, is reportedly in talks to sell some of its software.

Sui: August 1, $50 million

Layer 1 network Sui will unlock 2.56% of its circulating supply on August 1, releasing 64 million tokens valued at around $50 million. The network is approaching its 15-month anniversary since launch.

ZetaChain: August 1, $35 million

ZetaChain, a Layer 1 chain aiming to unify multiple blockchains on a single platform, will unlock 18.92% of its circulating supply on August 1. The nearly 54 million tokens are valued at about $35 million.

Wormhole: August 3, $180 million

Wormhole will unlock 600 million tokens, one-third of its circulating supply, on August 3. These tokens are valued at over $180 million. Wormhole acts as a communication bridge between Solana and other top DeFi projects and recently completed an airdrop of over 670 million tokens in April.

ImmutableX: August 9, $49 million

Web3 gaming firm ImmutableX will unlock 32.5 million tokens, 2.11% of its circulating supply, valued at $49 million on August 9. VanEck noted last December that the release of Web3 games like Illuvium could propel ImmutableX into a top 25 token by market cap in 2024.

Aptos: August 12, $80 million

Aptos, another project staffed by former members of Facebook’s Libra currency project, will unlock 2.41% of its circulating supply on August 12, releasing 11.31 million tokens valued at around $80 million.

The Sandbox: August 14, $69 million

Web3 gaming platform The Sandbox will unlock 205 million tokens, 9% of its circulating supply, valued at about $69 million on August 14. The platform recently raised $20 million in June, achieving a unicorn valuation of $1 billion.

StarkNet: August 15, $35 million

StarkNet, an Ethereum Layer 2 network, will unlock 64 million tokens on August 15, representing 4.4% of its circulating supply. These tokens are valued at about $35 million. StarkNet unveiled its 2024 roadmap in March, aiming to enhance throughput and reduce transaction fees.

Arbitrum: August 16, $67 million

Arbitrum, the first Layer 2 network to surpass $150 billion total volume on Uniswap, will unlock 92.6 million tokens, 2.8% of its circulating supply, on August 16. These tokens are valued at around $67 million.

Avalanche: August 20, $268 million

Avalanche, a Layer 1 blockchain, will unlock 9.5 million tokens, 2.42% of its circulating supply, on August 20. These tokens have a current value of $268 million.

Other Notable Unlocks

• Galxe: August 2 – 4 million tokens, 3.5% of its circulating supply, valued at about $13 million.
• ApeCoin: August 17 – 15.6 million tokens, 2.3% of its circulating supply, valued at around $12 million.
• Oasis Network: August 18 – 151 million tokens, 2.2% of its circulating supply, valued at about $13 million.
• Pixels: August 19 – 54 million tokens, 7% of its circulating supply, valued at around $11 million.