In October, a total of approximately $215 million worth of tokens will be unlocked and released into the market. Specifically, in October, over $200 million worth of tokens will be unlocked from leading altcoin projects Axie Infinity (AXS), Optimism (OP), and Aptos (APT).
Axie Infinity, Optimism, and Aptos are preparing for the unlocking of significant token locks this month. According to TokenUnlocks, the governance token of the blockchain-based NFT game Axie Infinity, AXS, will experience the largest token unlocking event of the month. On October 20th, approximately $71.8 million worth of AXS tokens, equivalent to 11.5% of its circulating supply or 15.1 million tokens, will be unlocked and released into the market.
According to TokenUnlocks data, out of the unlocked AXS tokens, $28.9 million will be allocated to the project team, $16.3 million to staking rewards, $16 million for game incentives, $8 million to the ecosystem fund, and $2.6 million to advisors.
According to CoinGecko, after the last unlocking event in July, where $16.3 million worth of 3.4 million AXS tokens were released into the market, the price of AXS dropped from $6.54 to $5.94 within a few days, representing a 10% decrease. Currently, the altcoin is trading at $4.73, experiencing a 22% decline in 2023, which has been a challenging year for the NFT and blockchain gaming sectors.
In addition to Axie Infinity, the Ethereum Layer 2 network Optimism will also have a significant token unlocking event. According to TokenUnlocks, on October 30th, 24.2 million OP tokens, equivalent to 3% of its circulating supply, will be unlocked and released into the market. The unlocking process is currently valued at $35.3 million. Out of the unlocked tokens, $18.6 million will be allocated to core participants, and $16.7 million will be allocated to investors.
Compared to the token unlocking event in August, the price of OP tokens has increased by 8% since September 30th, where the same amount of tokens was released into the market, resulting in a 12% decrease. Furthermore, the project sold $162 million worth of OP tokens in a private sale for treasury management purposes. Optimism also added unclaimed tokens from its first Airdrop directly to its wallet addresses and announced a new Airdrop worth $26 million in September.
Aptos, a Layer 1 blockchain created by former Meta executives, will unlock approximately $26 million worth of 4.5 million APT tokens, representing 1.91% of its circulating supply, on October 12th. According to TokenUnlocks data, $18.4 million worth of unlocked tokens will be allocated to the community, while $7.6 million worth of APT tokens will be allocated to the Aptos Foundation. Last month, 4.5 million tokens were released into the market. After the unlocking event in September, the price of APT tokens increased by over 7% within seven days, rising from $5 to $5.36. APT is currently trading at $5.72.
Other significant token unlocking events this month include ApeCoin ($19.7 million), Sui ($17.2 million), ImmutableX ($11 million), and dYdX ($4.5 million).
Following October, Avalanche (AVAX), the 20th largest cryptocurrency and the 19th largest altcoin, will also have a major token unlocking event in November.
On November 24th, approximately $93.5 million worth of AVAX, equivalent to 2.7% of its circulating supply, will be unlocked and released into the market.