$600M XRP token release to bring August crypto unlocks to $1.5B

Nearly $1.5 billion in tokens from major crypto projects are set to be unlocked in August, with 1 billion XRP (XRP) tokens—worth $609 million at current prices—making up a massive part of the month’s total on Aug. 1. 

Ripple, the firm behind the XRP Ledger and the native token XRP, has unlocked 1 billion tokens on the first day of every month since 2017. It uses two main wallets, Ripple (24) and Ripple (25), to evenly split the unlocks each month.

Other major unlocks in August include those from layer-1 network Avalanche and cross-chain bridging platform Wormhole, releasing a combined $449 million worth of tokens, per Token Unlocks data.

Wormhole (W) will unlock 33.3% of its circulating supply — 600 million W tokens with a current market value of $180.5 million — on Aug. 3. It comes after conducting its long-awaited airdrop launch on April 4.

On Aug. 20, Avalanche will unlock 2.4% of the circulating supply of AVAX (AVAX) tokens, amounting to 9.4 million AVAX with a current market value of $268 million.

Tokens unlocking on the first day of August

Other than XRP, another three projects, including layer-1 network Sui, decentralized exchange dYdX, and “universal” blockchain ZetaChain will also unlock significant portions of their supply on the first day of August.

Sui will unlock 2.56% of its circulating supply, releasing 64 million tokens with a current value of $50 million on Aug. 1.

dYdX will unlock 8.33 million tokens worth nearly $11 million the same day — amounting to 3.65% of its circulating supply. Notably, the tokens will unlock for three groups: investors, founders and staff, and future employees.

Meanwhile, the new layer-1 network ZetaChain (ZETA) will unlock nearly 18.9% of its circulating supply on Aug. 1. At current prices, 53.9 million tokens amount to a market value of around $34.5 million. It follows its launch in February this year.

Other August unlocks

Crypto gaming network ImmutableX will unlock 2.11% of the circulating supply of IMX (IMX) on Aug. 9, amounting to 32.5 million tokens which commanding a current market value of $49 million.

Aptos, Sui’s rival layer-1 network, will unlock $80 million worth of its native token APT on Aug. 12, while Web3 gaming platform The Sandbox will unlock $69 million worth of SAND on Aug. 14.

Two Ethereum layer-2 networks, Starknet and Arbitrum are set to unleash tokens as well.

On Aug. 15, Starkent will unlock 64 million tokens, amounting to 4.4% of the token’s circulating supply. The token has a current market value of $35 million.

On Aug. 16, Arbitrum (ARB) will unlock 92.6 million tokens amounting to 2.8% of its circulating supply. The market value of the yet-to-be-unlocked tokens stands at $67 million.