October is gaining significance as several noteworthy projects, including Axie Infinity, Optimism, and Aptos, are gearing up for significant token releases.
The trio is set to release more than $130 million into the market collectively, with Axie Infinity having the largest increase in the circulating supply of its AXS token at 11.5%.
Axie Infinity’s AXS Token Unlock
Leading in token unlocks this month is Axie Infinity, a blockchain-based NFT game. According to TokenUnlocks data, the project is set to release 15.1 million AXS tokens on Oct. 20, representing 11.5% of its circulating supply, with an approximate value of $71.8 million.
The distribution of these tokens will primarily benefit the project’s team, receiving $28.9 million, followed by $16.3 million allocated to staking rewards, $16 million for play-to-earn incentives, $8 million earmarked for an ecosystem fund, and $2.6 million going to advisors.
This release comes after a previous unlock in July, which saw 3.4 million AXS tokens valued at $16.3 million enter the market. According to CoinGecko data, the price of AXS took a hit of almost 10% after the unlock.
Optimism and Aptos Join the Token Unlock Wave
Optimism is also set to make a token unlock this month. On Oct. 30, 24.2 million OP tokens, equivalent to 3% of its circulating supply, will be released, with a total value of $35.3 million. Of this amount, $18.6 million will be allocated to core contributors, and $16.7 million will go to investors.
The OP token has demonstrated resilience following previous unlocks. Following the unlocking on Sept. 30, the token’s price experienced an 8% increase, reaching $1.45. This defied the trend of a 12% decrease observed after its August unlock. The token’s positive performance is due to Optimism’s recent successful private token sale, which raised $162 million, and an upcoming $26 million airdrop.
Aptos will release 4.5 million APT tokens on Oct. 12, equivalent to 1.91% of its circulating supply and valued at approximately $26 million. The community will receive most of these tokens, with $18.4 million allocated, while $7.6 million will go to the Aptos Foundation.
Aptos has seen significant growth since its token unlocks in September, with the APT token’s price rising by over 7% in just one week. It currently trades at $5.66. Recent developments include the integration of Sushi decentralized exchange, Coinbase Pay added to the crypto wallet Petra, and the launching of a $1 million fund to support Aptos DeFi protocols.
Additionally, Aptos Labs partnered with Universal Pictures to offer a web3 fan experience for “The Exorcist: Believer.”
October will also see the release of tokens from other significant ventures, such as ApeCoin ($19.7 million), Sui ($17.2 million), ImmutableX ($11 million), and dYdX ($4.5 million). In November, Avalanche is gearing up for a token unlock. Approximately $93.5 million of AVAX tokens, equivalent to 2.7% of the circulating supply, will be released on Nov. 24.
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