The month of September has become one of the crucial ones for the world of cryptocurrencies with a few of the prominent players like Optimism, Aptos, and Apecoin unlocking tokens worth more than $100 million all combined. These companies are set to create a significant token unlock event with Apecoin unlocking the largest amount of tokens and increasing the supply of its APE token by almost 11%. Optimism (OP) and Aptos (APT) will be increasing their circulating supply by 3% and 2% respectively.
Apecoin: The Governance and Utility Token
Apecoin is the ERC-20 governance and utility token of the APE ecosystem and is also connected to the popular Bored Ape Yacht Club NFT community. As per the reports of Token Unlock, Apecoin will be conducting the largest unlock of the three and is scheduled to release 40.6 million APE tokens on the 17th of September. The tokens released will be worth around $58.1 million and contribute 11% of its circulating supply in the market. The majority of the token amounting to around $38 million will be reserved for the contributors of the project launch, out of which around $10.5 million is allocated to its treasury, $3.2 million to its founders, and $6 million to the developer, Yuga Labs. The remaining tokens worth $307,000 will be designated for charitable purposes.
The previous unlocking event of Apecoin was held in August during which 15.8 million APE tokens were released in the market. This led to a 16% drop in the token’s price from $1.80 to $1.51 as per CoinGecko. The current trading price of the token is around $1.43.
Optimism: One of the Biggest Ethereum Scaling Solutions
Optimism is a layer-2 solution on Ethereum that benefits from the security of the Ethereum network and helps the network scale using optimistic roll-up technology. The network will be unlocking 24.2 million OP tokens on the 30th of September which is 3% of its circulating supply. The unlocking would be worth $33.3 million with around $17.6 million being allocated to its core contributors and $15.7 million for its investors.
The Optimism network released the same amount of tokens during the previous unlock hold on the 30th of August which resulted in the decline of its trading by 12%. The OP token in circulation had doubled by the end of May leading to its price drop by 25%.
Aptos: Layer-1 Proof-of-Stake Blockchain
Aptos is a layer one blockchain known for deploying a novel smart contract programming language called Move. It aims to bring about the mainstream adoption of Web3 and empowers the ecosystem of decentralized applications. The network is scheduled to release 4.5 million APT tokens on the 12th of September which is equivalent to 2% of its circulating supply and amounts to around $25.2 million. From the total unlocked tokens, $17.8 million is designated to its community and $7.4 million is allocated to the Aptos Foundation.
The network also released the equivalent amount of tokens in August and witnessed the APT token drop by around 23%. The token’s price fell from $7.20 to $5.51 and its currency trading price is around $5.54.
The token unlock in September is a significant event for the crypto space. Around $175 million worth of tokens are set to unlock this month which would include dYdX ($14 million), ImmutableX ($10.2 million), and Sui ($17.4 million). These events are likely to impact not just the prices and trading activities but also the wider adoption of these projects.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
