Grayscale unveils updated covered call ETFs for Bitcoin and Ethereum IBIT options trading volume surges to $446M in opening hours, $1.6B by mid-day BlackRock supports US strategic Bitcoin reserve amid rumors of executive order Polymarket survives post-election drop-off though volume falls 60% Bitwise expects options trading for its Bitcoin ETF to start tomorrow

Over $790M worth token unlocks scheduled for May Zeynep Geylan · 2 years ago · 2 min read

Over $790M worth token unlocks scheduled for May

Optimism will release the largest amount on May 31 with over $329 million worth of tokens. Avalanche and BitDao follow as second and third.

Zeynep Geylan

May. 1, 2023 at 10:45 am UTC

2 min read

Updated: May. 17, 2023 at 2:34 pm UTC

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

There are 21 token unlocks scheduled during May, which will release over $794 million worth of tokens into circulation in total, according to Token Unlocks data.

Optimism (OP) will host the largest unlock worth $329 million, according to the Token Unlocks numbers. Avalanche (AVAX) and BitDAO (BIT) follow with the second and third largest unlocks with $162 million and $92 million, respectively.

The top three

On the last day of the month, OP will release 154,618,822.65 tokens, which comprise 3.6% of the total OP supply. The amount equates to $330,884,280 at the time of writing, which accounts for around 41% of the total value scheduled to unlock.

Three days before the OP unlock, on May 28, AVAX will unlock 1.325% of its total supply, which equates to 9,541,800 tokens. With the current AVAX trading price, the project seems like it will add $163,164,780 worth of tokens into circulation.

The third largest unlock of the month will be held by BIT on May 15. The project will release nearly 2% of its total supply. A total of 187,499,999.36 tokens will be unlocked, which equates to $92,828,062 at the time of writing.

Other unlocks

The first unlock of the month will come from 1inch Network (1INCH) on May 1, and the project will release nearly $10,000 worth of tokens into circulation. NYM (NYM) and JOE (JOE) will unlock on the same day, May 3. NYM will release over 73 million tokens, equating to over $16 million, while JOE will unlock over 108 million daily, worth almost $50 million.

May 5 will see two unlocks from Liquity (LQTY) and Galxe (GAL) worth over $1.1 million and $13.2 million, respectively. On May 7, Tornado Cash (TORN) will unlock 1.75% of its total supply — equating to 175,000 tokens that are currently worth over $1 million.

GMX (GMX) and dYdX (DYDX) scheduled their unlocks on May 9. GMX’s unlock period will release over $28,000 worth of tokens daily, while DYDX will unlock over 6 million tokens currently valued at over $16 million.

Euler (EUL), MoonBeam (GLMR), Aptos (APT), and Sweat Economy (SWEAT) will hold their unlocks on May 10, 11, 12, and 13, respectively. EUL will unlock over $300,000, while GLMR will release over $70,000 worth of tokens daily until it adds up to over $4 million. APT and SWEAT will release over $46 million and $1 million worth of tokens, respectively.

On May 17 and 18, ApeCoin (APE) and Oasis Network (ROSE) are expected to unlock over $60 million and $12 million worth of tokens, respectively. Immutable X (IMX) will release over 18 million tokens on May 20, which equates to over $17 million at the time of writing.

Acala (ACA) will release another $405,783 worth of tokens on May 25, while Ronin (RON) and Yield Guild Games (YGG) are set to unlock over $14 million and $3 million worth of tokens on May 27, respectively.

Mentioned in this article

Posted In: Avalanche, Optimism, Tokens, Trading

Author

Zeynep Geylan

Journalist at CryptoSlate

Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.

Editor

Josh O'Sullivan

Editor/Reporter at CryptoSlate

Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Optimism OP (24h)

$1.72803 -3.1%

Vol: $332.35M MCap: $2.17B

Optimism is a layer-2 scaling network for the Ethereum blockchain.

More about Optimism

Avalanche AVAX (24h)

$34.5423 -2.66%

Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.

More about Avalanche

BitDAO BIT (24h)

$0.74082 +0.94%

BitDAO is a decentralized autonomous organization that wants to level the playing field for every person in the world by building a decentralized token economy.

More about BitDAO

1inch 1INCH (24h)

$0.33824 +2.54%

1inch is a decentralized exchange (DEX) aggregator that sources liquidity from various exchanges and is capable of splitting a single trade transaction across multiple DEXes.

More about 1inch

JOE JOE (24h)

$0.38501 -1.03%

JOE is a governance token that also rewards its holders with a share of exchange revenues.

More about JOE

Liquity LQTY (24h)

$1.12805 -1.89%

Liquity is a decentralized borrowing protocol built on Ethereum that utilizes LQTY, a USD-pegged stablecoin.

More about Liquity

Galxe GAL (24h)

$1.87440 -1.28%

Galxe (previously Project Galaxy) is a leading Web3 credential data network and was launched on April 28, 2022, on Binance Launchpool.

More about Galxe

Tornado Cash TORN (24h)

$3.45127 +10.43%

Tornado Cash is a decentralized, non-custodial privacy solution built on Ethereum.

More about Tornado Cash

GMX GMX (24h)

$28.2708 -4.22%

GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades.

More about GMX

dYdX (Native) DYDX (24h)

$1.24919 -4.07%

DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol.

More about dYdX (Native)

Euler EUL (24h)

$3.77049 -3.1%

Euler is a capital-efficient permissionless lending protocol that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third party.

More about Euler

Moonbeam GLMR (24h)

$0.21325 -3.35%

Moonbeam is an Ethereum-compatible smart contract parachain on Polkadot.

More about Moonbeam

Aptos APT (24h)

$11.7799 -1.67%

Aptos is an FTX-backed layer-1 blockchain which was developed by ex-Meta employees.

More about Aptos

Sweat Economy SWEAT (24h)

$0.00795 +4.62%

Sweatcoin is a highly popular mobile fitness app that was first launched in 2016.

More about Sweat Economy

ApeCoin APE (24h)

$1.12050 -1.87%

ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3.

More about ApeCoin