Crypto Projects Avalanche, Lido, and Yield Guild Games to Release Over $120 Million Worth of Tokens This Week

Crypto Projects Avalanche, Lido, and Yield Guild Games to Release Over $120 Million Worth of Tokens This Week

Crypto News – Several notable cryptocurrency projects are poised for significant token unlocks in the coming week, injecting a combined total of more than $120 million worth of tokens into the circulating supply.

The largest unlock is anticipated for the YGG token, the native token of the blockchain gaming DAO Yield Guild Games. On August 27th, Yield Guild Games will release 12.22 million YGG tokens, equivalent to 6.6% of its circulating supply, with an approximate value of $2.87 million. Of this amount, the majority, around $1.73 million, will be allocated to founders and investors, while $457,000 is earmarked for the project’s treasury and $684,000 for its community.

This comes after a similar release of 13 million YGG tokens in July, during which the token’s price surged over 300%, soaring from $0.18 to $0.75, before eventually retracing to $0.24, as reported by CoinGecko data.

A separate significant unlock is expected from the Layer 1 blockchain Avalanche, which will release 9.54 million AVAX tokens on August 26th. This release constitutes 2.77% of the circulating supply and is valued at approximately $102.1 million. The distribution breakdown allocates about $48 million to the team, $24 million to strategic partners, $17.8 million to the Avalanche Foundation, and $12 million for airdrops.

This release follows a prior unlock in May during which the AVAX token experienced a decrease of over 20%, dropping from $14.53 to $11.33. As of now, AVAX is trading at $10.68.

Furthermore, the Ethereum liquid staking solution Lido is set to release 8.5 million LDO tokens on August 25th. These tokens will be entirely allocated to investors, marking Lido’s final cliff unlock.

Several other tokens with smaller unlocks are also scheduled for this week, including Acala’s token from the Polkadot DeFi hub, the 1INCH token from the DeFi aggregator 1inch Network, and the token of the yield-trading protocol Pendle.