Crypto market braces for $875M token to open in June

As more than 30 blockchain-based projects have expiration dates, around $875 million worth of locked-in cryptocurrencies could be available on the market in June.

According to data tracker Token Unlocks, the largest chunk of crypto tokens to be unlocked in June 2024 are Aptos (APT), Arbitrum (ARB), Starknet (STRK), and Sui (SUI).

Crypto vetting is a common practice in the crypto space to prevent project team members or early investors from dumping their tokens early.

By using various strategies, crypto tokens can be worn to prevent their holders from selling all at once and putting too much pressure on the markets, which usually results in a price drop.

The big token will open in June.

Ethereum layer-2 network Arbitrum will unlock 92.65 million ARB tokens worth $105.6 million on June 16. About $64 million in tokens have been allocated to the project team and consultants, $41.6 million in ARB will be released to the investors.

On March 16, Arbitrum released 1.1 billion ARB tokens, worth $2.32 billion at the time. Since then, the token's price has fallen more than 50%, from $2.27 at the time of writing to $1.13 on March 8.

Layer-1 blockchain project Aptos will release 11.1 million APT tokens worth $102.6 million in June. On June 12, the network will open $12.1 million in tokens to the foundation, $29.1 million to the community, $35.9 million to core contributors, and $25.5 million to its investors.

After two big launches in June, zero-knowledge proofs project Starknet will also launch millions of tokens. On June 15, ZK Protocol will release 64 million STRK tokens worth $78 million to contributors and investors.

Related: $900M in Tokens Released in February

Meanwhile, optimistic rollups project Optimism unlocks another 31.34 million OP tokens worth $78 million at the time of writing. On May 31st, the project opened the same amount of tokens to its main contributors and investors and will do the same in June.

On June 1, Layer-1 blockchain platform Sui will unlock 65 million tokens worth $65 million. The tokens will be released to Series A and Series B investors, early contributors, Mystone Labs treasury and community repository, according to Token Unlocks. The project previously released about $1 billion in crypto tokens in May.

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