Token Unlocks: Over $794 Million Worth of Tokens to be Unlocked in May
In May 2023, over $794 million USD in tokens are set to be unlocked according to Token Unlocks data. A total of 21 unlocking events are scheduled this month, with Optimism (OP) leading the way with the largest token unlock worth $329 million USD. Following Optimism are Avalanche (AVAX) and BitDAO (BIT), with the second and third largest token unlocks worth $162 million USD and $92 million USD, respectively.
Optimism is set to begin unlocking around 154.6 million tokens, worth more than $330 million USD, on the last day of May. This amount represents 3.6% of OP’s total supply and 41% of the total amount of money expected to be unlocked.
On May 28, Avalanche’s token unlock event will take place, with 9.5 million AVAX tokens set to be unlocked, worth over $163 million USD. This amount represents around 1.3% of AVAX’s total supply.
The third-largest token unlock event of the month will be held by BitDAO on May 15. The project will release nearly 2% of BIT’s total supply, with a total of 187.4 million tokens to be circulated, worth $92.8 million USD.
The first token unlocking event of the month came from 1 Inch (1INCH) on May 1, with nearly $10,000 USD worth of tokens to be issued and circulated. NYM (NYM) and JOE (JOE) are scheduled to unlock their tokens on May 3. NYM is set to unlock over 73 million tokens, worth around $16 million USD, while JOE will unlock 108 million tokens, worth nearly $50 million USD.
In addition, Liquity (LQTY) and Galxe (GAL) will unlock their tokens on May 5, worth over $1.1 million USD and $13.2 million USD, respectively. Tornado Cash will also unlock 1.75% of TORN’s total supply, equivalent to over 175,000 tokens (worth over $1 million USD) on May 7.
GMX (GMX) and dYdX (DYDX) have scheduled their token unlocks on May 9. GMX will issue over $28,000 USD worth of tokens daily, while DYDX will unlock over 6 million tokens worth around $16 million USD.
Euler (EUL), MoonBeam (GLMR), Aptos (APT), and Sweat Economy (SWEAT) are set to unlock their tokens on May 10, 11, 12, and 13, respectively. Specifically, over $300,000 USD worth of EUL and $70,000 USD worth of GLMR will be released into circulation daily. GLMR will continue to be unlocked until the total value of tokens unlocked reaches over $4 million USD. APT and SWEAT will unlock tokens worth $46 million USD and $1 million USD, respectively.
On May 17 and 18, ApeCoin (APE) and Oasis Network (ROSE) are scheduled to unlock tokens worth over $60 million USD and $12 million USD, respectively. Immutable X (IMX) will also unlock over $18 million USD worth of tokens on May 23.
Token unlocks can often lead to fluctuations in token prices, as more tokens become available for trading. It remains to be seen how these token unlock events will impact the crypto market in May 2023.
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