Approximately $750 million worth of digital assets are expected to be unlocked and released into the market in December.
Among the projects unlocking tokens, the decentralized exchange dYdX will unlock the largest amount. The exchange plans to unlock 150 million tokens allocated to investors, founders, and employees in December. These tokens are valued at nearly $500 million at the current market price.
Originally, the tokens issued by dYdX were expected to be released in February. However, the exchange announced in January that the unlocking timeline would be extended. Instead of the initial release date, the tokens are now set to unlock on December 1, 2023, at 12:00 PM UTC. Following the first unlocking in December, dYdX will unlock more tokens in the period from January 2024 to June 2024.
In addition to dYdX, other projects are also expected to unlock their tokens soon. According to token.unlock, the Ethereum layer-2 network Optimism is planning to unlock 24 million Optimism tokens (OP), valued at around $41 million, on November 30.
Apart from dYdX and Optimism, the decentralized finance protocol 1inch Network will release approximately 98 million 1inch tokens (1INCH) on December 1. These tokens are valued at approximately $33 million at the time of writing.