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Axie Infinity (AXS) and Optimism (OP) Drive $200M October Token Release

2 mins
Updated by Ryan James
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In Brief

  • In October, approximately $200 million worth of cryptocurrency tokens are set to be unlocked and introduced into the market.
  • Six major projects, including Optimism and Axie Infinity contribute over 80% of this amount, totaling more than $174 million.
  • These releases could significantly impact the cryptocurrency market dynamics as they exert selling pressure on the digital assets.
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Around 30 cryptocurrency projects will release over $200 million worth of tokens into circulation in October, according to Token Unlocks data. However, six projects will contribute nearly 80% of this release as they plan to unlock more than $174 million worth of tokens during this period. 

Token unlocks involve releasing assets previously restricted from circulation to the cryptocurrency market. Research by The Cambridge Centre for Alternative Finance (CCAF) showed that unlocking significantly influences overall market dynamics as it often exerts more selling pressure on the digital asset.

Top 6 Scheduled Unlock For October

Axie Infinity leads by releasing 15.13 million AXS tokens, equivalent to 11.5% of its circulating supply. This substantial release amounts to $71.39 million at the time of writing and would be majorly used to develop its ecosystem further and fund its team.

October Token Unlocks
Top Six Assets Scheduled Unlock For October. Source: Wu Blockchain

Optimism, an Ethereum layer2 network, will unlock tokens valued at $33.58 million. These tokens, totaling 12.75 million for core contributors ($17.72 million) and 11.41 million for investors ($15.86 million), represent 3.03% of its circulating supply and will become available on the last day of the month.

Aptos also has plans to reward its foundation and community with 4.45 million APT tokens, valued at $25.13 million. This release constitutes 1.91% of their circulating supply and is scheduled for October 12.

SUI will allocate its entire pool of 34.62 million tokens, worth $16.21 million, to the Community Access Program. This unlock is slated for October 3.

Meanwhile, Apecoin will use its unlocked tokens to bolster its treasury further. The project plans to add about $9.18 million from the tokens to be unlocked this month to its treasury. This planned move follows a series of similar additions in previous months.

On October 7, 18.08 million IMX tokens are set to be released from their lockup. This represents approximately 1.55% of IMX’s current circulating supply, estimated at $10.71 million.

Top crypto platforms in the US | February 2024

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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