May crypto token unlocks valued over $3.6b
TokenUnlocks data revealed some 19 crypto projects are scheduled to release at least $10 million worth of coins into circulation this month.
In the cryptocurrency industry, projects sometimes avoid launching the token’s maximum supply on the open market. The practice is common with protocols that raise funds through venture capitalists and independent investors.
A portion of the token supply would then be subject to a vesting schedule known as a lock-up period. During this time, investors and contributors cannot liquidate the crypto assets or sell on exchanges, although some protocols allow staking and yield generation on vested tokens.
19 major crypto unlocks this month
Two protocols stand out of the 19 projects to unlock around $3.66 billion in tokens this month. Pyth Network (PYTH), an oracle service provider, will release some 2.13 billion tokens into the market, currently worth an estimated $1.2 billion. According to TokenUnlocks, the PYTH tokens coming into circulation will more than double the supply.
Even with the massive release, the tradable PYTH tokens remain far away from Pyth’s total supply of nearly 10 billion per CoinMarketCap.
More than 827 million Aevo (AEVO) tokens will unlock within 10 days this month, increasing the protocol’s available supply by over seven times. Aevo offers options and perpetual and pre-launch trading facilities in its decentralized exchange. AEVO has a maximum supply of one billion, but only 110 million are circulating. The AEVO tokens due to unlock have a market value of over $1.2 billion.
