Crypto Giants Prepare for Massive Token Releases in May: Over $3.1 Billion in Assets Unlocked
In May, several prominent cryptocurrency projects, including Sui, Pyth Network, Avalanche, Arbitrum, and Aptos, are scheduled to release vested crypto tokens, as reported by data tracker Token Unlocks.
The total value of vested crypto assets set to be unlocked surpasses $3.1 billion. Notably, Sui and Pyth Network are poised to release over $1 billion each in tokens.
Vesting of crypto assets is a strategic measure aimed at fostering sustained commitment to a crypto project. Vested tokens are typically locked to prevent early investors or team members from hastily selling their tokens and exiting the project.
Leading the pack, layer-1 blockchain platform Sui is gearing up to release the largest tranche of tokens. On May 31, the project plans to unlock nearly one billion tokens allocated to its Series A and Series B investors, early contributors, the Mysten Labs treasury, and its community reserve. At current market rates, these tokens are valued at approximately $1.15 billion.
Following closely, market data platform Pyth Network will release the second-largest amount of tokens in May. On May 20, the project is set to unlock over two billion tokens designated for protocol development, ecosystem expansion, publisher rewards, and private sale investors. With Pyth Network tokens trading at around $0.51 each, the total value of the tokens to be released stands at roughly $1.1 billion.
Apart from these two projects, others like Avalanche, Arbitrum, Starknet, Optimism, and Immutable will collectively release over $700 million in tokens.
On May 12, Aptos will release 11.3 million APT tokens, valued at $101 million, to its foundation, community, core contributors, and investors. Avalanche will follow suit on May 22 by unlocking 9.5 million AVAX tokens, worth approximately $321 million, for its strategic partners, foundation, team, and airdrop recipients.
On May 16, layer-2 blockchain network Arbitrum will release an additional $95 million in ARB tokens, allocated to the project’s team and investors. This release comes after Arbitrum’s earlier distribution of $2.3 billion in tokens to its team and investors on March 16.
Additionally, Starknet will unlock $84 million in tokens for its investors and early contributors on May 15, while Immutable will release $56 million in crypto tokens for ecosystem and project development on May 17.
Layer-2 scaling solution Optimism will also unlock 24.1 million OP tokens on May 29, with a market value of about $70 million. Notably, in May 2023, Optimism distributed $587 million in OP tokens to its early contributors and investors.
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