Aptos unlocks nearly 25 million APT tokens, worth over $200 million

Aptos unlocks nearly 25 million APT tokens, worth over 0 million
Layer 1s • December 12, 2023, 7:51AM EST
Published 1 minute earlier on

Layer 1 blockchain Aptos, founded by ex-Meta execs, released 24.8 million APT +3.93% tokens today — comprising 8.9% of its circulating supply, according to TokenUnlocks — worth approximately $201.7 million.

The majority — some $96.4 million of the unlock — went to core contributors. $68.4 million went to investors, $26.1 million went to the community and $10.8 million went to the Aptos Foundation, TokenUnlocks data states.

Following the release of the same amount of APT tokens during its Nov. 12 unlock, the price of APT fell 13.4% from $7.82 to $6.77 in the following nine days before recovering, according to The Block’s price data. The token currently trades at $8.09 — up 3.4% since the last unlock amid generally bullish crypto market conditions.

APT/USD price chart. Image: The Block/TradingView.

Aptos is a relatively new Layer 1 blockchain based on the Move programming language developed at Meta that aims to offer a faster and more scalable alternative to other networks. However, Aptos encountered a five-hour outage in October, prompting some crypto exchanges — including Binance, OKX, and Upbit — to suspend deposits and withdrawals of APT temporarily.

Significant ApeCoin and Optimism token unlocks are still to come

ApeCoin and Optimism are among the largest remaining unlocks this year. They are set to release $26 million worth of APE +0.00% and $56 million worth of OP +0.76% on Dec. 17 and Dec. 30, respectively, per TokenUnlocks data.

ApeCoin, the governance token of the ApeCoin DAO and connected to the Bored Ape Yacht Club NFT community, will release 15.6 million APE tokens on Dec. 17 — 4.2% of its circulating supply, currently worth $25.9 million.

Ethereum Layer 2 Optimism (OP Mainnet) is releasing 24.2 million OP tokens on Dec. 30. Representing 2.7% of its circulating supply, the unlock is currently worth $56.1 million.

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© 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.

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