- Altcoin season has been teased for a while now, but it’s business as usual for several prominent crypto ecosystems.
- A number of well-known projects are hosting big token unlocks in October, with modular blockchain Celestia leading the charge.
- Celestia is allocating over US $1b worth of TIA to early adopters, investors and community members, one year on from its initial airdrop.
- Cardano, Solana, SUI, Internet Computer and Axie Infinity are just some of the many other tokens unlocking small (or large) numbers of their native cryptocurrencies this month.
October is shaping up to be a massive month for token unlocks, with several major altcoin projects releasing millions worth of coins into their respective ecosystems. Vesting schedules are a common practice for newly minted cryptocurrencies, as they can help prevent large-scale supply shock upon airdropping the project’s token.
Related: Justin Sun Reportedly Receives 5.25M EIGEN Token from Airdrop as Trading Starts
Celestia to Unveil Billions Worth of TIA Despite Weekly Price Struggles
TIA, the native token of modular blockchain project Celestia, is gearing up for a major shift to its current tokenomics. 175.75 million TIA – currently valued at approx. AU $1.6b – will be unleashed upon the Celestia community, following the project’s initial airdrop in October last year.
The token unlocks will occur exactly one year after the first supply dropped – on Halloween, with core developers, early adopters and seed investors likely to benefit.
Unfortunately, keeping on the theme of Halloween, TIA’s price movements have been…spooky…over the past week, posting losses of over 20%.
Although the broader crypto market has had a tough start to the week, TIA’s poor performance has been exacerbated by investors preparing for a portion of the new supply to be immediately dumped by recipients.
Solana Leads Group of Prominent Token Unlocks
Celestia isn’t the only crypto project “celebrating” new supply drops in October. Around AU $1.065B worth of token unlocks are set to take place over the next week, according to a post from Wu Blockchain.
The biggest name to look out for is Solana, which is releasing about 524K SOL (valued at AU $117m) over the next week.
Although Solana is the biggest project participating in October’s unvesting party, this unlock represents a mere 0.11% of SOL’s circulating supply, and is unlikely to make much of a difference to the ecosystem.
Aptos is perhaps the next most relevant player, with the scalable L1 blockchain unlocking approx AU $130m worth of APT tokens in mid-October.
Other big names with notable token unlocks include Arbitrum, Axie Infinity, SUI, Cardano, ImmutableX and Internet Computer.
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