According to Token Unlocks data, approximately 30 cryptocurrency projects will have more than $200 million worth of tokens in circulation in October. However, six projects will contribute almost 80% of this release, as they plan to unlock over $174 million worth of tokens during this period.
Token unlocking involves releasing assets that were previously restricted from circulation onto the cryptocurrency market. A study by the Cambridge Center for Alternative Finance (CCAF) found that unlocking often has a significant impact on overall market dynamics as it puts more selling pressure on digital assets.
Top 6 upcoming unlocks in October
Axie Infinity leads the way with 15.13 million AXS tokens released, equivalent to 11.5% of the circulating supply. This significant release amounts to $71.39 million at the time of writing and will primarily be used to further develop the ecosystem and fund the team.
Optimism, an Ethereum layer 2 network, unlocks $33.58 million worth of tokens. A total of 12.75 million ($17.72 million) for core contributors and 11.41 million ($15.86 million) for investors, these tokens represent 3.03% of the circulating supply and will be made available at the end of each month.
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Aptos also plans to reward the foundation and community with 4.45 million APT tokens, worth $25.13 million. This launch represents 1.91% of the circulating supply and is scheduled for October 12th.
SUI will allocate its entire pool of 34.62 million tokens, worth $16.21 million, to the community access program. This unlock is scheduled for October 3rd.
Meanwhile, Apecoin will use unlocked tokens to further strengthen its treasury. The project plans to add about $9.18 million to its treasury in tokens that will be unlocked this month. This planned move follows a series of similar additions in previous months.
On October 7th, 18.08 million IMX tokens will be released from lockup. This represents approximately 1.55% of IMX’s current circulating supply (estimated at $10.71 million).
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