QuickTake:

• Over $650 million worth of tokens set to unlock in June
• $100 million each from Arbitrum and Aptos lead the pack
• Significant unlocks also from Optimism, StarkNet, ImmutableX, and Apecoin

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June is set to be a significant month in the cryptocurrency space, with over $650 million worth of tokens scheduled to be unlocked. Leading the charge are two major unlock events from Arbitrum and Aptos, each releasing $100 million in tokens. This month’s activity also includes substantial unlocks from several other notable projects such as Optimism, StarkNet, ImmutableX, and Apecoin. Here’s a detailed look at the upcoming token unlocks and what they mean for the market.

Aptos: June 12, $100 million

Aptos, one of two projects largely staffed by former members of Facebook’s Libra currency project (the other one being Sui), will unlock another 2.59% of its circulating supply on May 12, 11.31 million tokens at a current value of around $100 million. 

ImmutableX: June 14, $55 million

Web3 gaming firm ImmutableX  IMX +0.41% will unlock 1.72% of its circulating supply, 25.5 million tokens at a current value of $55 million, on June 13. VanEck said last December that the release of Web3 games like Illuvium  ILV +2.14% could catapult ImmutableX into a top 25 token by market cap in 2024.  

StarkNet: June 15, $75 million

StarkNet  STRK +4.55%, the Ethereum Layer 2 network which unveiled its 2024 roadmap in March and promised to enhance throughput and reduce transaction fees, will unlock 64 million tokens on June 15, representing 5.6% of the token’s circulating supply. The current value of the tokens is about $75 million. 

Arbitrum: June 16, $103 million

Arbitrum, which recently became the first Layer 2 network to hit $150 billion total volume on Uniswap, will unlock 3.2% of its circulating supply on June 16. The 92.6 million tokens have a current value of about $103 million. 

Arbitrum and Aptos Lead June Unlocks

Arbitrum and Aptos are set to release $100 million worth of tokens each. Arbitrum, an Ethereum Layer 2 network known for its scalability solutions, will see a significant increase in circulating supply. Aptos, a Layer 1 blockchain that has garnered attention for its unique consensus mechanism, will also contribute to the influx of new tokens in the market.

Both projects have seen substantial growth and interest from the crypto community. The unlocks are part of their respective token distribution schedules and are expected to impact market dynamics significantly.

Optimism, StarkNet, and ImmutableX Join the Fray

Optimism, another prominent Ethereum Layer 2 solution, is set to unlock a considerable number of tokens. Known for its optimistic rollup technology, Optimism aims to enhance Ethereum’s scalability and lower transaction costs.

StarkNet, leveraging zero-knowledge rollups, will also unlock tokens. This project is notable for its advanced cryptographic solutions aimed at improving blockchain efficiency and privacy.

ImmutableX, a Layer 2 solution focusing on NFTs and gaming, will see an increase in token supply as well. Its platform offers gas-free transactions and aims to accelerate the adoption of blockchain in the gaming industry.

Apecoin and Others: Significant Unlocks Ahead

Apecoin, the token associated with the popular Bored Ape Yacht Club NFT collection, is among the projects unlocking tokens in June. The unlock is expected to boost liquidity and potentially increase market participation in Apecoin.

Additionally, other projects are scheduled to release tokens, contributing to the overall market activity. These unlocks represent a mix of Layer 1 and Layer 2 solutions, gaming platforms, and more, highlighting the diverse landscape of the crypto space.

Impact on the Market

Token unlock events typically lead to increased liquidity and can influence token prices. The release of a large number of tokens into the market often results in heightened trading activity and volatility. Investors and traders will be closely monitoring these events to adjust their strategies accordingly.

The unlocks from high-profile projects like Arbitrum and Aptos are particularly noteworthy. Both projects have significant followings and their token performance post-unlock will be a key indicator of market sentiment.

Conclusion

June’s token unlocks represent a pivotal moment for several major crypto projects. With over $650 million worth of tokens becoming available, the market is poised for increased activity and potential volatility. Investors should stay informed about these events and consider their implications for the broader crypto landscape.

As these tokens enter circulation, the responses from the market will offer valuable insights into the health and direction of the crypto economy. Whether you’re a seasoned investor or a newcomer, understanding the impact of these unlocks is crucial for navigating the ever-evolving world of digital assets.