Over $3 billion in crypto tokens set to unlock this March, with Arbitrum ‘massive’ unlock Over $3 billion in crypto tokens set to unlock this March, with Arbitrum ‘massive’ unlock
Arbitrum's token unlock will double its circulating supply in major March crypto event valued at more than $2 billion.
2 min read
Updated: Mar. 1, 2024 at 11:01 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
A total of 32 crypto projects are scheduled to unlock more than $3 billion worth of tokens into circulation this March, according to Token Unlocks data.
Arbitrum dominates, doubles supply
Arbitrum leads this month’s token unlocks, marking a significant milestone since its initial airdrop. The impending unlock is poised to double the asset’s current circulating supply.
Token Unlocks data reveals the project would release more than 1 billion ARB tokens, equating to 87% of its existing circulating supply, by March 16. This influx would be valued at approximately $2.2 billion at current market rates.
Breaking down the unlock, the project’s core team and advisors would receive 673.5 million ARB tokens, while investors in the layer2 network anticipate 438.25 million ARB tokens.
Tran Hoan, founder of the venture capital firm Capybara Investments, described the unlock as “massive.” He noted that such a substantial release may not necessarily induce immediate selling pressure on the market, as major investors and the project team typically exercise restraint.
According to him:
“Not all tokens will dump on the market immediately, Major investors don’t do that. Given the potential for massive growth ahead, it might not be wise to sell tokens now. However, there could be a point where the market becomes wary of a large unlock, leading to pressure on the token price.”
Arbitrum is the largest Ethereum-based layer2 network, with the total value of assets locked on the network valued at approximately $14 billion, according to L2beats data.
Other major unlocks
Aptos will introduce 24.84 million APT tokens, constituting 6.76% of its circulating supply, by March 13. This unlock has an estimated value of $290 million as of press time.
Throughout this year, the Aptos team has unleashed over $450 million worth of digital assets into the market. Despite this, its price performance has seen a modest 25% increase year-to-date.
Sui, another layer1 blockchain, is poised to unveil an additional 34.62 million units of SUI tokens, valued at $58.15 million, by March 3. Notably, the network has had new token releases since the beginning of the year.
Optimism, a layer2 blockchain network built on Ethereum, is slated to release 24.16 million OP tokens by March 29. These asset’s value surpassing $90 million.
It is important to note that the project has injected approximately $166 million worth of assets into circulation since the beginning of the year.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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