Crypto

$750M in locked crypto tokens to be released by December

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Around $750 million of vested digital assets are scheduled to be unlocked and released into the markets in December.

Among the projects releasing locked tokens, the decentralized exchange dYdX will unlock the largest amount. The exchange is expected to unlock 150 million tokens vested for investors, founders and employees in December. The tokens are worth almost $500 million at current market prices.

Initially, the tokens issued by dYdX were supposed to be released in February. However, the exchange announced in January that the lock-up would be extended. Instead of their original release date, the tokens are now set to be unlocked on Dec. 1, 2023, at 12:00 am UTC. Following the initial unlock date in December, the company will unlock more tokens between January 2024 and June 2024.

Apart from dYdX, other projects are also scheduled to release their hold on token allocations very soon. According to token data tracker Token Unlocks, Ethereum layer-2 network Optimism is also scheduled to unlock 24 million Optimism (OP) tokens, worth around $41 million, on Nov. 30. 

In addition to dYdX and Optimism, decentralized finance protocol 1inch Network will release around 98 million 1inch (1INCH) tokens on Dec. 1. The tokens are worth about $33 million at the time of writing.

Related: dYdX founder blames v3 central components for ‘targeted attack,’ involves FBI

Meanwhile, proof-of-stake blockchain project Aptos will also be one of the projects releasing a significant number of tokens in December. Token Unlocks data shows that on Dec. 12, Aptos will unlock almost 25 million Aptos (APT) tokens worth nearly $180 million.

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