About 19 cryptocurrency projects plan to put at least $10 million worth of coins in circulation this month, according to TokenUnlocks data.
In the cryptocurrency industry, projects sometimes avoid releasing the maximum supply of their tokens on the public market. This practice is common among protocols that raise funding through venture capitalists and independent investors.
A portion of the token supply is then subject to a vesting schedule known as a lock-up period. During this period, investors and contributors will not be able to liquidate their cryptocurrency assets or sell them on exchanges. However, some protocols allow staking and yield generation for vested tokens.
19 major cryptocurrencies were unlocked this month.
Among the 19 projects unlocking approximately $3.66 billion worth of tokens this month, two protocols stand out. Oracle service provider Pyth Network (PYTH) plans to release approximately 2.13 billion tokens, currently valued at approximately $1.2 billion, to the market. According to TokenUnlocks, the PYTH tokens in circulation will more than double the supply.
Despite the massive launch, tradable PYTH tokens are far from the total supply of Pyth, which stands at nearly 10 billion, per CoinMarketCap.
More than 827 million Aevo (AEVO) tokens will be unlocked within 10 days of this month, increasing the protocol’s available supply by more than sevenfold. Aevo offers options and perpetual and pre-launch trading facilities on its decentralized exchange. The maximum supply of AEVO is 1 billion, but only 110 million are in circulation. The market value of AEVO tokens due to unlocking is over $1.2 billion.