$350 Million Worth of Tokens to be Unlocked
In July, tokens worth $350 million will be unlocked. This includes cryptocurrencies like Worldcoin, Arbitrum, StarkNet, and others. Several major crypto projects have planned their token unlocks for this month.
Understanding Token Unlocks
Every cryptocurrency project has its tokenomics, which defines the economic model of the token. When a project enters the market, its circulating token supply is limited. This ensures the team, various investors, and employees do not have tokens available to avoid additional price pressure. Typically, these tokens are locked for a period ranging from months to years. According to the project’s tokenomics schedule, these participants eventually receive tokens and can sell them. This process is known as token unlocking.
Worldcoin’s Major Unlock
The largest token unlock will come from Worldcoin (WLD). Tools for Humanity, co-founded by Sam Altman from OpenAI, developed this platform. Worldcoin plans to unlock about 6.6 million tokens worth nearly $13 million on July 24. Since July 24, 2023, Worldcoin has been unlocking a fixed amount of WLD tokens, approximately 3.19 million tokens daily, worth around $6.7 million. Starting July 24, 2024, the unlock rate will more than double to 6.62 million tokens daily, worth $13.3 million, for the next two years.
Xai and Arbitrum Token Unlocks
The blockchain Xai (XAI), built on Arbitrum, will unlock 200 million tokens on July 9, worth about $70 million. This represents 72% of its circulating supply. Arbitrum will also unlock tokens on July 16, worth $64 million, releasing 92.6 million tokens or 2.9% of its circulating supply.
Other Notable Unlocks
Other projects with significant unlocks in July include Aptos (APT) and StarkNet (STRK). Aptos will release 11.3 million tokens worth $68 million on July 12. StarkNet will unlock 64 million tokens worth $36 million on July 15.