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Unlocking tokens: Crypto projects to release over $150M in January 2024

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TL;DR

  • Over $150 million worth of tokens will be unlocked by crypto projects in January 2024, with dYdX releasing 33.3 million DYDX tokens.
  • DYDX investors will get $61.74 million, while founders and others will receive $34.00 million from the unlock event.
  • Galxe, Acala, Liquidity, Tornado Cash, Optimism, and Sui are also unlocking tokens in January, benefiting various stakeholders.

Crypto enthusiasts and investors brace themselves as Token Unlock, a prominent tracker of locked tokens, reveals details of upcoming token unlocks slated for the first week of January 2024. This disclosure shines a spotlight on the significant value of tokens worth more than $150.84 million set to flood the crypto market as the new year kicks off.

In what promises to be a dynamic start to the year, decentralized exchange dYdX (DYDX) takes the lead by unveiling plans to release 33.3 million DYDX tokens on January 1. These tokens are currently valued at a staggering $111.33 million. This release constitutes 12.36% of the circulating supply, making it a pivotal event for DYDX investors and the crypto community at large.

Beneficiaries of DYDX token unlock event

As the DYDX token unlock event approaches, Token Unlock provides insights into the distribution of the tokens. Investors in dYdX are set to receive a significant share of $61.74 million, while founders, employees, advisors, and consultants will claim $34.00 million. 

Future employees have also been allocated a substantial portion, amounting to $15.59 million. This distribution strategy ensures that various stakeholders benefit from the unlocking of DYDX tokens.

On January 5, Galxe (GAL) is poised to introduce three million units of its tokens into the market, with a current market value of $7.03 million. The allocation of these tokens reflects the project’s commitment to different facets of its ecosystem. 

Notably, $4.68 million is designated for marketing efforts, while $975,000 will be directed to the project team. An additional $1.37 million is earmarked for the community, emphasizing the importance of community involvement in the GAL project.

Other projects unlocking tokens in January

January proves to be a bustling month for token unlocks, with several other projects joining the fray. Acala (ACA) will release tokens worth $3.04 million, while Liquidity (LQTY) and Tornado Cash (TORN) unlock tokens valued at $1.02 million and $172,330, respectively. These releases mark significant events for their respective communities and investors.

Optimism (OP) and Sui (SUI) are getting ahead of the curve by unlocking tokens in late December. On December 30, Optimism plans to release over $96 million worth of OP tokens. These tokens will be distributed among core contributors and investors, making it a crucial event in the project’s development. On December 31, Sui (SUI) follows suit with its token unlock, further contributing to the year-end excitement in the crypto space.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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James Kinoti

A crypto enthusiast, James finds pleasure in sharing knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. The latest innovations in the crypto industry, crypto gaming, AI, blockchain technology, and other technologies are his preoccupation. His mission: be on track with transformative applications in various industries.

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