Several crypto projects are gearing up for some major token unlocks this week, including Avalanche (AVAX), Yield Guild Games, and Lido. All of these projects will be releasing a collective total of tokens worth $120 million. Therefore, there is a lot of anticipation and hype around these protocols.
In terms of tokens, Yield Guild Games will see the largest unlock. On August 27, the platform will unlock 12.22 million YGG tokens, amounting to $2.87 million. These tokens also account for 6.6% of the coin’s circulating supply. A major chunk of newly unlocked YGG tokens will be allocated to the founders and investors.
About $457,000 worth of tokens will go to the treasury and the remaining $684,000 will be distributed to the community. Back in July, the project released around 13 million YGG tokens. That token release had a major positive impact on the performance of YGG in the crypto market, as it went up by a significant 300%. However, the price of the token fell shortly after.
Avalanche and Lido Will Also Unlock Crypto Tokens
As per details, the Layer 1 blockchain Avalanche is ready to release 9.54 million AVAX tokens on Aug 26. This amount is about 2.77% of AVAX’s circulating supply in the market and is worth more than $102 million. Out of these, $48 million are set for the protocol’s team, about $24 million will go to strategic partners, and $17.8 million will be specified for the AvalancheFoundation. Moreover, around $12 million will also be used for airdrops.
The AVAX token is currently trading in between the range of $10-$11. Many analysts believe that a massive token unlock can have a strong impact on the price of AVAX tokens. After the last token unlocks, ACAX fell sharply, so it is yet to be seen how things play out for AVAX this time.
Lastly, Lido has also planned a token unlock event this week. Around 8.5 million LDO tokens will be released on August 25. According to the details, all of these tokens will be used to represent Lido’s final token unlock. On the other hand, some other crypto token unlocks this week include Acala, 1INCH, and Pendle.