Millions Worth of LDO, AVAX, YGG Tokens Scheduled To Unlock This Week

By CoinMarketCap Alexandria August 22, 2023 In Avalanche, Cryptocurrencies, Lido DAO Token, Yield Guild Games

Millions Tokens Scheduled To Unlock This Week

The circulating supply of various projects’ tokens is expected to be impacted by a number of significant token unlocks this week. In order to minimize unexpected and significant sell-offs by early investors or project members, token unlocks gradually release previously locked coins, which can be linear and cliff unlocks.

AVAX, the native coin of the Avalanche blockchain, is a significant unlock. 9.54 million AVAX tokens, worth $98.7 million, which make up 2.77% of the current supply, will be distributed on August 26. Strategic partners, the Foundation, the team and airdrop participants will each receive a portion of the distribution. AVAX declined 16.07% over the past 7 days, as Bitcoin and other altcoins fell. However, it could have been accelerated due to the upcoming unlock, although the past unlock in May was well-received.

Also on August 26, 8.5 million LDO tokens, the governance token of the Ethereum liquid staking platform, will become unlocked. This release, valued at $13.8 million, accounts for about 0.97% of the whole supply of LDOs. Existing investors who own more than 300 million tokens will receive these tokens. LDO fell 11.88% in the previous week, alongside the wider market sell-off, although it could be partly due to the upcoming unlock.

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Blockchain gaming project Yield Guild Games (YGG) also has a significant token unlock. 12.2 million YGG tokens, or 6.6% of the circulating supply, worth $2.7 million, will be made available on August 27. YGG’s value experienced a massive 475% rally earlier in August, after a private token sale led by DWF Labs. However, it has declined by over 30% in the previous week.

These upcoming token unlocks are important for their respective ecosystems and existing holders since they could have an impact on investor sentiments and supply dynamics.

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