- Over $150 million of crypto tokens will be unlocked in the first week 2024.
- dYdX leads the pack with a $111 million unlock, representing 12% of its circulating supply.
- Other projects like Galxe and Acala also have token unlocks scheduled for January.
Token Unlock, a leading tracker of locked tokens, has disclosed the details of the upcoming unlock for various crypto projects scheduled between now and January 7, 2024. This revelation brings to light the substantial value of tokens worth over $150.84 million set to be unleashed upon the crypto market in the opening week of the new year.
Leading the pack was the token of the prominent decentralized exchange, dYdX (DYDX). Per the market data, the dYdX team would unleash 33.3 million DYDX tokens on January 1, which holds a market value of $111.33 million at the time of writing. Notably, the 33.3 million tokens represent 12.36% of its circulating supply.
Furthermore, Token Unlock provided a breakdown of the beneficiaries of the upcoming unlock event. Specifically, dYdX investors would share $61.74 million, while founders, employees, advisors, and consultants would take $34.00 million. Also, future employees have been allocated $15.59 million.
Another notable project with an unlock event in the first week of January is Galxe (GAL). The team plans to unleash three million units of GAL on January 5, which currently have a market value of $7.03 million. Of the distribution, $4.68 million has been allocated to marketing, $975,000 to the project team, and $1.37 million to the community.
Other projects with a January date for token unlock include Acala (ACA, $3.04 million), Liquidity (LQTY, $1.02 million), and Tornado Cash (TORN, $172,330). Meanwhile, projects such as Optimism (OP) and Sui (SUI) have unlock events scheduled for December 30 and 31, respectively. The Optimism team plans to release over $96 million OP tokens and distribute them to core contributors and investors.
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