The market is expecting a huge rally of tokens worth $650 million in June as the vesting periods end. The tokens belong to projects like Sui, Aptos, Arbitrum, and Starknet.
More than 30 blockchain-based projects will expire in June, with $650 million worth of tokens to add to trading.
According to the data tracker, a large number of tokens set to be unlocked in June 2024 belong to Sui, Aptos, Arbitrum, and Starknet.
Crypto vesting is a standard practice in the crypto industry to stop a project’s team members or early investors from selling off their tokens too soon.
Using this technique helps to stop the holders from sailing all the tokens simultaneously, which may result in massive pressure on the market, and decrease the price of tokens.
Crypto Projects are to be released in June
On June 16, Ethereum layer 2 Arbitrum is about to release 92.65 million ARB tokens worth nearly $105.6 million. Out of $105.6 million worth of tokens, $64 million worth belongs to project teams and advisors, however, Arbitrum is to release $105.6 million worth of ARB tokens on June 16.
3 months chart of layer-2 network Arbitrum Source: CoinGecko
At the time of writing, Arbitrum is trading at $1.15, its price dropped from $2.27 after Arbitrum released 1.1 billion ARB tokens on Mar 16. The price drop experienced by the token is more than 50%.
In June, the Aptos layer 1 blockchain will release 11.1 million APT tokens, which are worth $102.6 million. On June 12, the foundation of Aptos will receive $12.1 million in terms of tokens, $29.1 million for the community, $35.9 million for the core contributors, and $25.5 million for its investors.
After the two major tokens are unlocked in June, the zero-knowledge proofs project Starknet will also inject millions of tokens into the market. On June 15, Starknet will unlock 64 million STRK tokens, valued at $78 million, for its early contributors and investors.
The Optimism protocol is also in line to release 31.34 million OP tokens, worth almost $78 million. On May 31, the protocol released the same amount of tokens for its investors and contributors, and the same will be done in June.
On June 1, Sui, a layer-1 blockchain platform, will release 65 million tokens worth $66 million. These tokens will go to Mysten Labs treasury, Series A and B investors, community reserve, and early contributors. In May, the project had already released about $1 billion in tokens.
