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$1.7 Billion Token Unlocks in April: Crypto Market on Edge

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$1.7 Billion Token Unlocks in April: Crypto Market on Edge

In April, the crypto market anticipates a significant influx of assets totaling over $1.7 billion. Token unlocks have gained traction despite frequently causing short-term volatility and price dips. Layer 1 Aptos leads the charge with its release of 24.84 million tokens valued at $418.75 million.

The crypto market anticipates a substantial influx of assets in April, with over $1.7 billion worth of tokens slated for release. Notable among these are Aptos, Axie Infinity, Arbitrum, and Ronin tokens.

Token unlocks have gained traction as a strategy to gradually introduce locked assets into the market over a predefined timeframe. Proponents argue that this method aligns incentives among project investors and stakeholders. However, it frequently leads to short-term volatility and price dips.

Top Token Unlocks in April

CryptoRank, a leading crypto research and analytics platform, has identified the top 10 token unlock events in April. These have a cumulative value exceeding $1.7 billion, with approximately $250 million worth of these assets set for release within the first week of the upcoming month.

Layer 1 network Aptos leads the charge with its planned release of 24.84 million tokens valued at roughly $418.75 million on April 12. On the other hand, Axie Infinity, the play-to-earn gaming platform, will unveil 14.8 million AXS tokens, estimated at around $167.40 million, on April 17.

Top 10 Token Unlocks in April. Source: Cryptorank

Arbitrum, Ethereum’s premier Layer 2 network, is also set for a token unlock event in April. Following its substantial release of over 1 billion ARB tokens in March, which notably influenced market dynamics, it plans to unlock an additional 92.63 million tokens valued at over $152 million on April 16.

Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

Similarly, Ronin Bridge will unleash 36.81 million tokens worth $151.66 million. Layer 2 network StarkNet will also introduce 63.99 million tokens valued at $139 million. Meanwhile, Sui will also release approximately 65 million tokens worth $127 million. Decentralized exchange dYdX will unlock 33.3 million tokens valued at roughly $116.7 million.

Furthermore, the Uniswap protocol, SEI, and Immutable would release $104 million worth of assets, respectively.

Top crypto platforms in the US | April 2024

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