Unlocking is the process of unfreezing tokens that were locked according to the terms of investment rounds or other funding programs. This process is carefully planned by project teams to avoid excessive selling pressure at different unlock stages and prevent token price collapse. In this article, we will explore 7 important unlocks expected in July.
- SUI Token
- DYDX Coin
- Aptos Project Token
- IMX Unlock
- ApeCoin Native Token
- Play-to-Earn Token - AXS
- Space ID Unlock
SUI Token
Sui is a high-performance Layer 1 blockchain powered by the Proof-of-Stake consensus algorithm. The project was developed by Mysten Labs, founded in 2021 by a group of former Novi Research employees who were involved in creating the Diem blockchain and Move programming language.
The Sui (SUI) token unlock date is July 3. The number of unlocked tokens will be 34.61 million SUI (0.35% of the total supply). The value of the unlocked tokens is $23.4 million, with a total market capitalization of $6.81 billion.
DYDX Coin
At the beginning of 2023, there were changes in the initial tokenomics of the largest decentralized derivatives trading protocol, dYdX. According to the updated data, 30% of the total supply of DYDX tokens will be distributed to early investors, another 30% will go to the team and community reserves, 28% will be used to reward traders and liquidity providers, and the remainder will be allocated to future employees, miners, and stable funds.
The remaining tokens will be unlocked gradually over the next three years.
| Unlock Date | Unlocked Token Amount |
|---|---|
| July 4 | 6,520,128 DYDX (0.65% of the total supply) |
| Value of Unlocked Tokens | $13.82 million |
| Total Market Capitalization | $2.12 billion |
Aptos Project Token
Aptos is a Layer 1 blockchain that has been one of the most successful projects this year. However, it has often been criticized by the crypto community for the dominance of venture capital in its tokenomics. The majority of the APT token supply, namely 83.37%, remains locked. The unlocking will occur monthly over the next ten years.
Aptos (APT):
- Unlock Date: July 12
- Unlocked Token Amount: 4.54 million APT (0.454% of the total supply)
- Value of Unlocked Tokens: $32.98 million
- Total Market Capitalization: $1.68 billion
IMX Unlock
Immutable X is a Layer 2 scaling solution for NFTs on the Ethereum blockchain. In September 2021, the project conducted an IMX token sale on the CoinList platform, raising $12.5 million in just one hour. The project later closed a $60 million investment round and received an additional $200 million in March 2022 from companies such as ParaFi Capital, Declaration Partners, Tencent Holdings, and others. Currently, more than half of the IMX token supply is still locked.
The IMX token unlock date is July 15. The total number of unlocked tokens is 18.075 million IMX (0.90% of the total supply). Their value is $13.1 million, with a total market capitalization of $1.45 billion.
ApeCoin Native Token
ApeCoin is the native token of the Yuga Labs ecosystem, which includes one of the most popular NFT collections, the Bored Ape Yacht Club. Typically, ApeCoin experiences a decrease in value when tokens are unlocked, and considering the recent Bored Ape Yacht Club sale, a significant drop in its value is expected.
The scheduled APE token unlock date is July 17. 15.6 million APE tokens will be unlocked, which represents 1.56% of the total supply.
- Value of Unlocked Tokens: $34.8 million
- Total Market Capitalization: $2.3 billion
Play-to-Earn Token - AXS
Axie Infinity is one of the most well-known Play-to-Earn projects developed by Sky Mavis. The game takes place in a virtual environment populated by creatures known as "Axies." The platform allows players to breed Axies and create new characters. Participants can earn rewards by winning battles and selling their Axies.
The AXS platform's native token is used for platform development, staking rewards, and other tasks. The tokens unlocked on July 22 will be provided to users who have locked their assets in smart contracts.
The expected unlock date is July 22. The project plans to unlock 15.15 million ID tokens, which represents 0.76% of the total supply. The estimated value of the unlocked tokens is $4.39 million, with a total market capitalization of $522.77 million.
Space ID Unlock
Space ID is a universal decentralized identification protocol that connects people, assets, and dApps across different blockchains. The platform provides the ability to use a single domain name to represent one's identity in various applications and networks.
On July 22, the project will unlock 15.15 million tokens (0.76% of the total supply), which will be distributed among the Space ID fund and participants of the airdrop program. The value of the unlocked tokens will be $4.39 million, with a total market capitalization of $522.77 million.
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