In February 2024, almost 30 Web3 projects, blocked due to monetary policy or investment attraction conditions, are expected to be released to the crypto token market.
This month, tokens are to be unlocked, the market value of which is estimated at about $1 billion at the time of writing. This process can be tracked via the Token Unlocks service.
Unlocking of crypto tokens is the process of tokens switching from an unavailable state to an available one in accordance with the conditions specified in the project documentation or related to the attraction of funding. This process is also known as vesting or crypto vesting. During the unlocking process, tokens are distributed to investors, project team members, or community members based on the terms of smart contracts and become available for trading or use.
The major projects whose tokens will be unlocked in February are:
- Avalanche — 9.54 million AVAX (~$344.6 million), February 22;
- Aptos — 24.84 million APT (~$288.5 million), February 11;
- The Sandbox — 205.59 million SAND (~$90.5 million), February 14;
- Optimism — 24.16 million OP (~$71.5 million), February 29;
- ApeCoin — 50.6 million APE (~$21.8 million), February 17.
In total, about 30 token unlocks are expected in February, including 1INCH, DYDX, ALGO, MANTA, SUI, CYBER, AGIX, and others. Unlocking involves the possibility of a sharp increase in the number of tokens in circulation, which could negatively affect the market value of cryptocurrencies.
Prices of tokens are also greatly influenced by the news background and information activity of representatives of specific projects. Recently, the BNB Chain team shared its plans for 2024, listing the main strategic goals. Against this backdrop, the asset stopped falling and grew within a few days by almost 3%, CoinGecko reported.
