As with every new month, let’s take a look together at the unlock tokens to watch. With several hundred million dollars ready to pour onto the market, the prices of the cryptocurrencies concerned could experience volatility. Let’s take a look at the 5 biggest unlock tokens to come in August 2023.
The biggest token unlocks in August 2023
First of all, it’s important to remember the basics. A token unlock is a mechanism for releasing a previously locked quantity of tokens. Indeed, some projects in our ecosystem may decide to lock up a certain amount of tokens during initial issuance and distribute them in stages, whether to the community, the development team or private investors.
Although relatively common, this event can have a significant impact on the price of the cryptocurrencies concerned by these token unlocks. In fact, in a study recently published by Tokens.Unlock, we learn that this kind of event is followed – on average over the year 2022 – by a 15% fall in the asset’s price.
Back to today’s topic. Here are the 5 most important unlock tokens to watch out for in August 2023:
Injective (INJ): $24.7 million
In 5th place, we find Injective (INJ). This first-layer infrastructure, built to host finance applications, plans to release a quantity of 3.02 million INJ. At the current price, this represents $24.7 million, or around 3.7% of the asset’s current capitalization.
This event is scheduled for 2 a.m. (GMT+2) on August 21. As you can see from the figure above, Injective is nearing the end of the token release process, as 93% of them will already have been distributed by this date.
GateToken (GT): $28 million
With $28.2 million, GateToken (GT) takes 4th place among August’s biggest unlock tokens. It is expected that 6.67 million new GT tokens will be added to the total quantity already in circulation, representing 4.8% of the capitalization.
The deadline for the release of GT tokens is 2 a.m. (GMT+2) on August 26. GT tokens are native to the Gate.io centralized exchange platform, enabling holders to enjoy VIP benefits.
Aptos (APT): $32 million
Taking third place in today’s ranking is Aptos (APT). This layer 1 blockchain, launched last October and popularized thanks to a massive airdrop, is set to release 4.54 million APT tokens. This represents 2% of total capitalization and $32 million. The event is scheduled for August 11 at 2 a.m. (GMT+2).
If you’re a regular follower of this format, you’ll have noticed that Aptos is a regular of unlock tokens. Remember that only 20% of existing APTs are currently in circulation, the rest being locked. Current capitalization is $1.5 billion, while it would be over $7 billion after dilution.
Uniswap (UNI): $50 million
With a forthcoming release of 8.33 million tokens, representing $50 million, Uniswap (UNI) ranks second in this ranking. Note that despite the amounts involved, this event is not of great importance, since it represents only 1.1% of Uniswap’s current capitalization.
Like Aptos, Uniswap has a recurring presence in this format. This time, the event will take place on August 16 at 5 a.m. (GMT+2).
The Sandbox (SAND): $128 million
The Sandbox (SAND) rounds off the ranking, topping the podium. The famous French metaverse plans to release 308 million SAND tokens, representing around $132 million at the current asset price. This will take place on August 15 at 2 a.m. (GMT+2).
This is quite a massive event, since it corresponds to 15.9% of SAND’s current capitalization. Note that back in February, The Sandbox was already featured in a roundup of unlock tokens to watch. Since then, the asset has underperformed Bitcoin (BTC) by 56%.
