December is a month full of expectations that makes our hearts beat faster. This year, December will also be a special month when a mega amount of $750 million in cryptocurrencies will be released.
Current data from Token Unlocks shows that up to 300 million crypto coins will be unlocked in December. The digital coins are issued by four different crypto projects.
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Ethereum platform dYdX unlocks $500 million
The majority of unlocking will be done by dYdX, a decentralized platform (DEX) running on the Ethereum blockchain. 1Inch, Aptos and Optimism unlock the other crypto coins.
dYdX’s DEX platform is expected to unlock the most crypto coins. According to the data, the exchange will unlock up to 150 million DYDX tokens in December. These millions of DYDX are currently worth an estimated $500 million.
📢Token Unlock Update📢
dYdX Trading Inc., the dYdX Foundation and certain parties to the Warrants to Purchase Tokens have signed an amendment to, among other things, postpone the initial public disclosure date applicable to investors $DYDX Tokens until December 1, 2023
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— dYdX Foundation 🦔 (@dydxfoundation) January 25, 2023
The dYdX platform that uses Smart contracts, kept the crypto coins available for founders, investors and employees. The original plan was to release the DYDX tokens in February. However, dYdX announced an activation extension in January.
The activation is initially planned for December 1, 2023 at 1:00 p.m. Dutch time. The dYdX Foundation plans to unlock additional DYDX tokens between January 2024 and June 2024.
1Inch, Aptos and Optimism tap into $250 million worth of crypto
Optimism, another project on the Ethereum network, announces the unlocking of 24 million OP tokens. This release is scheduled for November 30th and is valued at approximately $41 million.
1Inch Network, a DeFi platform that optimizes crypto trading across the DEX, will also be releasing a large amount of coins. The platform is expected to unlock approximately 98 million 1-INCH tokens around December 1st, with a current value of $33 million.
The blockchain project Aptos, known for its Proof of use Concept, is the latest to issue 25 million APT tokens each. This unlock will also occur in December and is currently valued at approximately $180 million.
Whether the activation of this extensive release will have an impact on the market varies from project to project. However, an increase in available supply can lead to price pressure.
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