Token Unlocks estimates $102B worth in locked up assets Token Unlocks estimates $102B worth in locked up assets
XRP, FIL and OP have the largest estimated locked value with $17.9 billion, $4.9 billion, and $3.7 billion, respectively.
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Updated: Jan. 25, 2023 at 9:16 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Token Unlocks’ 2022 Annual Report estimates that $102 billion worth of tokens are locked up — set to be unlocked over the coming years.
The data points out that December 2022 ended with $102.1 billion worth of tokens remaining locked, with a $570.8 billion Fully Diluted Value (FDV)and $468.7 billion market cap. Dividing the market cap by FDV, the report concludes that 82.1% of all tokens with fixed supply are already in free circulation in the market.
15 projects with most considerable estimated locked value
The report states that 15 projects account for more than 75% of the total illiquid tokens. Out of the top 15 largest estimated unlocks, six of them remain below $1 billion in value. In comparison, two are expected to be roughly equal to $1 billion, and the remaining seven will be worth more than a billion.
The list reveals that Ripple (XRP) ranks first with $17.9 billion worth of total locked tokens. Filecoin (FIL) and Optimism (OP) follow XRP as the second and the third, with $4.9 billion and $3.7 billion locked value, respectively.
Chainlink (LINK), BitDAO (BIT), ApeCoin (APE), and STEPN (GMT) are also ranked above the $1 billion mark. Hedera (HBAR) and Axie Infinity (AXS) are estimated to have around $1 billion worth of tokens locked up.
Tokens unlocked so far
So far, four unlocks have already released a total of $126 million worth of tokens into the market. BIT and APE are included in the top 15 list of these four. BIT and APE released tokens worth $67 million, and $28 million, on Jan. 15 and 17, respectively.
While not included in the above ranking, Moonbeam (GLMR) was the first unlock of the year. It took place on Jan. 11 and unlocked $15 million worth of GLMR tokens. On Jan. 12, Aptos (APT) also unlocked tokens worth $16 million.
Upcoming unlocks
The next unlock included in the above list will be taking place on Jan. 23 from AXS, and the project will release 4.8 million tokens worth $31 million.
Following AXS, GMT, and dYdX (DYDX) from the list will also release their tokens during February. GMT will start its linear unlock on Feb. 1 by releasing $588,608 worth of tokens per day. On Feb. 3, DYDX will release 150 million tokens which correspond to 15% of its total supply and equate to around $195 million.
The next unlock included in the list will occur on May 31 and come from OP, the project with the third-largest estimated locked value. The project will release 3.6% of its total supply of 154,618,822.65 OP tokens. The total unlocked value is expected to be around $253 million.
The last scheduled unlock amongst the top 15 is from Curve DAO (CRV). On Aug. 14, the project will start its linear unlock period by releasing $411,902 worth of tokens per day.
**Article updated 09:10 GMT to make corrections**
Mentioned in this article
XRP 
Filecoin 
Optimism 
Chainlink 
BitDAO 
ApeCoin 
GMT 
Hedera 
Axie Infinity 
Moonbeam 
Aptos 
dYdX (Native) 
Curve DAO Token Posted In: Tokens
Author 
Zeynep Geylan
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.
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In this article
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Filecoin
$5.15444
Filecoin is a peer-to-peer network that stores files on the internet, with built-in economic incentives to ensure files are stored reliably over time..
Optimism
$1.89817
Optimism is a layer-2 scaling network for the Ethereum blockchain.
Chainlink
$23.2477
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
BitDAO
$1.24128
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.
ApeCoin
$1.21529
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.
GMT
$0.14507
STEPN is a Web3 lifestyle app with fun social elements and gamification design.
Hedera
$0.26750
The Hedera hashgraph platform provides a new form of distributed consensus; a way for people who don’t know or trust each other to securely collaborate and transact online without the need for a trusted intermediary.
Axie Infinity
$6.42243
Axie Infinity is a game about collecting and raising fantasy creatures called Axie, on Ethereum platform.
Moonbeam
$0.24703
Moonbeam is an Ethereum-compatible smart contract parachain on Polkadot.
Aptos
$10.1695
Aptos is an FTX-backed layer-1 blockchain which was developed by ex-Meta employees.
dYdX (Native)
$1.54318
DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol.
Curve DAO Token
$0.84997
Curve DAO (Decentralized Autonomous Organization) is a decentralized platform built on the Ethereum blockchain that aims to provide a stable and efficient market for trading stablecoins.