- This week, 1inch, Galxe, and Tornado Cash will unlock their tokens.
- Moonbeam, dYdX, Aptos, and Euler will unlock their tokens next week.
- Most are expected to experience downward price volatility.
Leading DeFi, NFT, and metaverse projects are preparing to unlock millions of tokens this month. Previous unlocks have tended to result in short-term declines, so what will happen this time?
dYdX, ApeCoin, Aptos, Axie Infinity Tokens Unlocking
Unlocking tokens has become a popular way to gradually release locked assets into the market for a certain period of time.
In theory, this process aligns incentives for all project investors and stakeholders. However, reality often creates short-term volatility and price drops.
Several major projects will unlock large amounts of tokens in April. These include derivatives exchange dYdX, NFT collective ApeCoin, Metaverse game Axie Infinity, ByBit DAO BitDAO, and Ronin Network.
According to Token Unlock Tracker, $7.2 million worth of tokens will be unlocked this week.
Locked DeFi Tokens Unlocking This Week!
This week, 1inch, Galxe, and Tornado Cash will unlock their tokens. Next week, smaller projects like Moonbeam, dYdX, Aptos, and Euler will follow suit.
DeFi-centric derivatives exchange dYdX will unlock approximately $15.8 million worth of 6.5 million tokens on April 11. This amount represents about 0.65% of the total supply, so the price impact should be minimal.
The dYdX lock is programmed monthly until July 2026. Additionally, the amount released for the team and investors increases significantly from December 2023 onwards.
On April 17, approximately 15.6 million APE tokens worth about $67 million at current prices will be released. This represents 1.56% of the total supply, so there may be short-term downward momentum for prices. In February, APE prices fell 10% with the release of 7.3 million APE tokens.
Additionally, the ApeCoin token economy is heavily skewed towards the team, treasury, and the firm behind the BAYC collection, Yuga Labs.
Short-Term Volatility Expected
Also on April 17, Axie Infinity will release 3.9 million AXS tokens. These are currently worth about $32 million and represent 1.45% of the total supply.
This is also expected to have a negative impact on short-term AXS market momentum.
The Aptos token lock will release 4.5 million APT tokens into the markets on April 12. This tranche represents $51 million and 0.45% of the total supply.
Aptos is venture capital-heavy, with about half controlled by the team, foundation, and investors.
DeFi gaming platform ImmutableX will release 18 million IMX tokens on April 22. These represent 0.9% of the total supply and are worth $18.7 million.
Token holders are advised to be aware of short-term price volatility during unlocking periods.
Disclaimer
In accordance with Trust Project guidelines, COINOTAG is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to independently verify the facts and consult with a professional before making any decisions based on this content.
