Axie Infinity, Optimism and Aptos among over $200 million in October token unlocks

Crypto projects Axie Infinity, Optimism and Aptos are set for significant token unlocks in October. 

AXS, the governance token of the blockchain-based NFT game Axie Infinity, will see the largest unlock, according to TokenUnlocks. Axie Infinity will release 15.1 million AXS tokens on Oct. 20 — 11.5% of its circulating supply, worth approximately $71.8 million. 

The majority ($28.9 million) of the unlocks will go to the project’s team, with $16.3 million allocated to staking rewards, $16 million to play to earn incentives, $8 million to an ecosystem fund and $2.6 million to advisors, TokenUnlocks data states.

Following the release of 3.4 million AXS tokens ($16.3 million) at its last unlock in July, the price of AXS fell nearly 10% from $6.54 to $5.94 within a few days, according to CoinGecko. The token is currently trading at $4.73, down 22% in 2023 amid a tough year for the NFT and blockchain gaming sectors.

AXS/USD price chart. Image: CoinGecko.

AXS/USD price chart. Image: CoinGecko.

Optimism and Aptos unlock $61 million worth of tokens

In total, nearly $215 million worth of tokens are due for release in October. Besides Axie Infinity, Ethereum Layer 2 Optimism (OP Mainnet) is set to release 24.2 million OP tokens on Oct. 30, per TokenUnlocks.

Representing 3% of circulating supply, the unlock is currently worth $35.3 million. Some $18.6 million will go to core contributors, with $16.7 million set aside for investors.

The OP token is trading up 8% at $1.45 since Optimism’s last unlock on Sept. 30 released the same amount of tokens — compared to a fall of 12% following its August unlock. The project sold $162 million worth of OP tokens last month in a private sale for “treasury management purposes.” Optimism also directly distributed the remainder of unclaimed funds from its first airdrop to eligible addresses and announced a new $26 million airdrop in September.

OP/USD price chart. Image: CoinGecko.

OP/USD price chart. Image: CoinGecko.

Layer 1 blockchain Aptos, founded by ex-Meta execs, rounds out the top three unlocks in October, releasing 4.5 million APT tokens on Oct. 12 — equivalent to 1.91% of its circulating supply and worth around $26 million. Approximately $18.4 million will go to the community, with $7.6 million allocated to the Aptos Foundation, according to TokenUnlocks data.

Aptos released 4.5 million tokens last month. September’s unlock was followed by the APT token rise over 7% from $5.00 to $5.36 within seven days.

APT is currently trading at $5.72. September saw the decentralized exchange Sushi expand to Aptos, Coinbase Pay added to its crypto wallet Petra and a $1 million fund launched to foster Aptos DeFi protocols. Universal Pictures also teamed up with Aptos developer Aptos Labs to offer a web3 fan experience for its upcoming horror flick “The Exorcist: Believer” last month.

APT/USD price chart. Image: CoinGecko.

APT/USD price chart. Image: CoinGecko.

Avalanche set for $93.4 million token unlock in November

Other notable unlocks this month include ApeCoin ($19.7 million), Sui ($17.2 million), ImmutableX ($11 million) and dYdX ($4.5 million).

Looking ahead to November, Avalanche is set for a significant token unlock, with $93.5 million worth of AVAX tokens, some 2.7% of circulating supply estimated to be released on Nov. 24.

© 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.

About The Author

Scroll to Top