07-03-2023, 10:40 PM
#1

Crypto networks Optimism, Aptos and ApeCoin are set for significant token unlocks this month, releasing more than a combined $100 million worth of tokens into circulating supply.

ApeCoin, the governance token of the ApeCoin DAO, connected to the Bored Ape Yacht Club NFT community, is seeing the largest unlock, according to Token Unlocks. ApeCoin will release 15.6 million APE tokens on July 17 — 4.23% of its circulating supply, worth $34.3 million. The majority ($16.2 million) of the unlocks will go to the project’s treasury, with $9.2 million going to developer Yuga Labs and $4.9 million to its founder.

ApeCoin released the same amount in June. Following the unlocks, the price of APE fell around 5% from $2.10 to $1.98 before recovering to $2.21, according to CoinGecko data.

Layer 1 blockchain Aptos releases 4.5 million tokens on July 12, equivalent to 2.17% of its circulating supply — worth $33.9 million. Around $24 million will go to the community and $10 million to the Aptos Foundation.

Aptos also released 4.54 million tokens in June. This saw the APT token fall 4.5% before climbing. APT is currently up around 20% since June’s unlock at $7.50.

Finally, Ethereum Layer 2 Optimism, which recently changed its name to OP Mainnet, is releasing 24.2 million OP tokens on July 30. Representing 3.75% of the circulating supply, the unlock is worth $32.4 million. Approximately $17 million will go to core contributors and $15 million to investors.

The OP token is trading up around 10% at $1.35 since Optimism last released the same amount of tokens on June 30. The circulating supply for OP more than doubled at the end of May, seeing the token’s price fall around 25% before recovering most of its losses.

theblock.co