As July approaches, the cryptocurrency market is expected to see an uptick in token unlocks, with projects set to release approximately $3 billion worth of assets.
Token unlocking is the gradual release of coins to prevent early investors or team members from selling large amounts of coins quickly. Market experts have noted that this process could increase selling pressure on digital assets, impacting the broader market.
Top Unlocked Items in July
CryptoRank, a renowned cryptocurrency research and analysis platform, has announced the top 10 token unlock events for July. These events are set to unlock more than $3 billion in digital assets, including more than $100 million in the first week of this month.
AltLayer, the Ethereum Rollup project distributor, plans to release 684 million tokens worth approximately $119 million on July 25. According to token unlock data, this token represents 22% of the market capitalization. These assets will be distributed to the team, investors, advisors, protocol development, Treasury ecosystem, and community.
Meanwhile, Layer 1 blockchain platform Aptos and Ethereum Layer 2 network Arbitrum will continue to release tokens every month . The two projects will release a cumulative $150 million worth of tokens for their teams, advisors, and investors.
Read more: 11 cryptocurrencies to add to your portfolio before altcoin season
World Coin, an identity proofing project, will begin large-scale token unlocking on July 24th. In this event, 6.62 million WLD tokens, equivalent to approximately $18 million, will be released every day for 730 days. Tokens will be allocated to the community, early development team, and investors.
Read more: 7 cryptocurrencies you need in your portfolio before the next bull market
Other notable cryptocurrencies unlocked in July include Uniswap (UNI), Ronin (RON), SUI, ImmutableX (IMX), SEI, Starknet (STRK), and Ethereum Name Service (ENS). Uniswap plans to launch 8.33 million UNI tokens worth $77.88 million on July 16. Ronin plans to release 35.71 million RON tokens, worth $76.32 million, starting July 27.
