More than 3B worth of crypto tokens to be launched in May
More than $3.1 billion worth of crypto assets will be released in May, with projects like Sui and Pyth Network launching more than $1 billion worth of tokens each.
Crypto vetting is done to promote ongoing commitment to a crypto project. Vested crypto tokens are locked to prevent former investors or team members from hastily dumping their tokens and leaving the project.
Layer-1 blockchain platform Sui will release the largest amount among projects releasing proprietary crypto assets. The project is expected to unlock around one billion tokens on May 31st to Series A and Series B investors, early contributors, Misten Labs treasury and community repository.
The tokens are worth around $1.15 billion at the time of writing.
Meanwhile, market data platform Pyth Network will release its second largest volume in May. On May 20, the crypto project will open up more than two billion tokens to its investors for protocol development, ecosystem growth, publisher rewards, and private sales.
With Pyth Network's (PYTH) token hovering around $0.51, the tokens being released are worth approximately $1.1 billion.
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In addition to both, projects such as Avalanche (AVAX), Aptos (APT), Arbitrum (ARB), Starknet (STRK), Optimism (OP) and Immutable (IMX) will release a total of more than $700 million worth of tokens.
On May 12, Aptos will release 11.3 million APT tokens worth $101 million to the foundation, community, core contributors and investors. On May 22, Avalanche will open 9.5 million AVAX, about $321 million, to its strategic partners, the Foundation, Team and Airdrops.
Layer-2 blockchain network Arbitrum will release another $95 million in ARB tokens on May 16. The tokens are allocated to the project team and investors. On March 16, Arbitrum released a $2.3 billion token offering to its team and investors.
In addition, Starknet will open $84 million in tokens to its investors and early contributors on May 15, while Immutable will open $56 million for ecosystem and project development on May 17.
Layer-2 scaling solution Optimism will unlock 24.1 million OP tokens on May 29. The tokens are worth about $70 million at current market prices. In May 2023, Optimism also released $587 million in Op Tokens to its previous contributors and investors.
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