March 5, 2024

February will see $800 million of unlocks from Avalanche, Optimism, Aptos and more

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In the month ahead, a number of crypto projects will unlock significant quantities of tokens. Here’s a breakdown of the most significant unlocks and airdrops for the month of February, according to TokenUnlocks data

Significant unlocks

Aptos will unlock nearly 25 million tokens worth $222 million at current prices on February 11, representing over 7% of the token’s circulating supply. Aptos is a Layer-1 network that, similar to Sui, grew out of Facebook’s Libra project. 

Next, the Sandbox will unlock 205 million tokens worth $88 million at current prices on February 14, representing 9% of the token’s circulating supply. The Sandbox is a metaverse platform on which users can buy virtual plots of customizable land. 

Avalanche, the layer-1 network working to scale to 100,000 TPS, will unlock 9.5 million tokens worth $344 million at current prices on February 21. The tokens represent 2.6% of the circulating supply, and will bring the total portion of unlocked AVAX tokens to 60%. 

Finally, on February 28 (not the last day of the month, as this year is a leap year) Optimism will unlock 24 million tokens worth $72 million at current prices, representing 2.5% of the Ethereum L2 network’s token’s circulating supply. 

Smaller unlocks

Other unlocks in February include $16 million worth of Cyberconnect tokens on February 13, $21 million worth of ApeCoin tokens on February 16, $18 million worth of Manta Network and $20 million worth of Oasis Network tokens on February 18, and $5 million worth of Space ID on February 21. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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