Seven cryptocurrency projects, including Injective and Sui, will issue new tokens worth at least $10 million in their circulating supply over the next month.
In total, about $560 million worth of cryptocurrencies are scheduled to be unlocked in January 2024, according to the TokenUnlocks dashboard. Unlocks will occur at varying intervals, with some releases occurring within 72 hours and others occurring in segments over 30 days.
These emissions are allocated to various participants, such as core shareholders, charities, staking rewards, and investors.
Apartments (APT)
Aptos, a tier-1 blockchain, will unlock 24.8 million APT tokens worth approximately $235 million at current prices. The tokens are spread across the Aptos Foundation, community incentives, core contributors and investors. About 8% of circulating APT supplies and community allocations will account for the lion's share.
Injection (INJ)
Just over 4% of Injective's circulating supply is allocated to advisors, and the team will open its doors by mid-late January. The 3.7 million coins are worth $137 million, with INJ trading above $37 after falling from an all-time high of $44 hit in late December.
Optimism (OP)
Optimism, one of the largest scaling solutions on Ethereum, will distribute 24 million OP tokens among the project's core contributors and investors. The cost of this opening is approximately $87 million, which represents less than 3% of Optmism's circulating supply.
Axle Infinity(AXS)
3.4 million AXS, the native token of the Axie Infinity gaming project, will be unlocked for staking rewards. It is valued at $31 million, making up 2.5% of AXS's available supply.
Sui (Sui)
Sui's Community Outreach Program will receive $28 million in SUI coins in early January. 34.6 million SUI comprise this token unlock, which is about 3% of all tokens currently on the market.
monkey (monkey)
Yuga Labs' subsidiary ApeCoin (APE) plans to distribute $26 million in cryptocurrency to the company, its founders, treasuries, and shareholders at its Phase 2 and 3 launch milestones. There is also a charitable allocation of 15.6 million APE tokens that will be unlocked mid-month.
Space ID (ID)
53 million ID tokens have been allocated to strategic sales, token airdrops, ecosystem funds, marketing budgets, and the Space ID Foundation. The blockchain name service boasts the largest token open in January in terms of supply percentage. In fact, the $16.6 million worth of ID tokens amounts to 12% of the circulating supply.
It is currently unclear whether these tokens will be sold on the market as they have been scheduled for different purposes. However, it is plausible that such openings may lead to selling pressure on the tokens in question.
Another notable feature that most of these projects share is that they are built on a proof-of-stake consensus mechanism, which is a popular alternative to proof-of-work blockchains like Bitcoin (BTC).
