Layer 1 Blockchain Aptos Releases 24.8 Million Tokens Worth $201.7 Million
Aptos, a Layer 1 blockchain founded by former Meta executives, has released 24.8 million APT tokens today. These tokens make up 8.9% of the circulating supply and are valued at approximately $201.7 million according to TokenUnlocks.
Allocation of Tokens
The majority of the unlocked tokens, around $96.4 million, were given to core contributors. Investors received $68.4 million, the community received $26.1 million, and the Aptos Foundation received $10.8 million, as per TokenUnlocks data.
Price Impact of Previous Unlock
When a similar amount of APT tokens were released on November 12, the price of APT fell by 13.4% over the next nine days before recovering. Currently, the token is trading at $8.09, showing a 3.4% increase since the last unlock.
Aptos: A Layer 1 Blockchain Offering Scalability
Aptos is a new Layer 1 blockchain that aims to provide a faster and more scalable alternative to other networks. It is based on the Move programming language developed at Meta. However, Aptos faced an outage in October that led to temporary suspensions of APT deposits and withdrawals by exchanges like Binance, OKX, and Upbit.
Upcoming Unlocks for ApeCoin and Optimism Tokens
ApeCoin and Optimism are two significant unlocks scheduled for this year. On December 17, ApeCoin will release 15.6 million APE tokens worth $25.9 million, representing 4.2% of its circulating supply. On December 30, Ethereum Layer 2 Optimism will release 24.2 million OP tokens worth $56.1 million, which is 2.7% of its circulating supply.
Hot Take: Unlocking Tokens and Their Impact on Prices
Token unlocks can have a significant impact on the price of a cryptocurrency. The previous unlock of APT tokens resulted in a temporary price drop followed by a recovery. It will be interesting to see how the upcoming unlocks of ApeCoin and Optimism tokens affect their respective prices and the overall market sentiment.
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