As the new year begins, several cryptocurrencies are slated to undergo token unlocks, with over $420 million worth of cryptocurrency entering the market this month.

(Read more: Ultimate Guide to Solana Airdrops 2023 – 2024 and 10 Potential Crypto Airdrops to Watch Out For in 2024)

January 2024 Token Unlocks

Tornado Cash (TORN)

• Unlock Date: January 02
• Tokens: 91.67k TORN ($165,920)
• About TORN: 

Tornado Cash is a decentralized protocol for enhancing transaction privacy by mixing assets, making them harder to trace. All of the tokens unlocked this month are for governance– cryptocurrencies that allow holders to participate in on-chain decision making for a crypto project.

SUI (SUI)

• Unlock Date: January 02
• Tokens: 32.62 million SUI ($29.18 million) 
• About SUI: 

The SUI token is the governance and utility token of the Sui Network. It can be held, spent, sent, or staked. As the platform’s governance token, SUI token holders can vote on and propose updates to the Sui protocol, including the structure and distribution of fees across platform users.

According to Token Unlocks, 38% of the SUI tokens are still locked, 10% are unlocked, and 52% are untracked.

Liquidity (LQTY)

• Unlock Date:  January 05
• Tokens: 657.35k LQTY ($992,600) 
• About LQTY: 

Liquity (LQTY) is a USD-pegged stablecoin issued by a decentralized borrowing protocol built on Ethereum. Ether holders can use their ETH as collateral to draw loans in the form of LQTY. The redemption and loan issuance fees are algorithmically adjusted according to the protocol’s collateral ratio.

The tokens unlocked this month represent 0.69% of the circulating supply, and currently 10% of the total supply of LQTY remains locked.

Hashflow (HFT)

• Unlock Date: January 07
• Tokens: 14.53 million HFT ($5.09 million)
• About HFT: 

HFT is the governance token for the Hashflow protocol, enabling staking, voting, and access to exclusive features.

For this unlock, 13.62 million ($5.08 million) HFT tokens will be released through a cliff unlock, while 31.63k tokens ($11.79k) will be released through a linear unlock.

As of writing, data from Token Unlocks indicates that 56% of HFT tokens remain locked, 41% have been unlocked, and 3% are untracked.

Aptos (APT)

• Unlock Date: January 12
• Tokens: 24.84 million APT ($234.76 million)
• About APT: 

Aptos token is essential for interoperability and governance in the Aptos ecosystem.

The distribution of tokens totaling $234.76 million is allocated among different partitions. The Foundation receives 1.33 million tokens valued at $12.60 million, while core contributors are granted 11.88 million tokens with a total worth of $112.22 million. Investors receive 8.42 million tokens, equivalent to $79.61 million, and the Aptos community is allocated 3.21 million tokens valued at $30.34 million.

 ApeCoin (APE)

• Unlock Date:  January 17
• Tokens: 15.6 million APE ($25.27 million)
• About APE: 

APE is a governance token in the Bored Ape Yacht Club ecosystem, with utility across various applications, including in-game assets.

Yuga Labs will distribute almost $26 million in cryptocurrency to the company, its founders, its treasury, and contributors to its phase two and three launch landmarks this month. Currently, 59% of its total supply has been unlocked, while 41% remain locked.

Axie Infinity Shards (AXS)

• Unlock Date:  January 18
• Tokens: 3.43 million AXS ($32.10 million)
• About AXS:

AXS are an ERC-20 governance token for the Axie Infinity ecosystem. AXS holders can participate in key governance votes, and will have a say in how funds in the Axie Community Treasury are spent.

As per the data from Token Unlocks, 73% of AXS are already unlocked, 9% are stil locked while 9% are untracked.

Algorand (ALGO)

• Unlock Date:  January 19
• Tokens: 2.29 million ALGO ($511.76k)
• About ALGO:

The Algorand (ALGO) token is utilized for a variety of purposes on the Algorand blockchain platform. It is used to secure the platform and reward the ecosystem’s governors. ALGO is also used as a utility token to pay transaction processing fees. Holders that stake their coins are rewarded by becoming governors, which allows them to cast votes on blockchain and community issues.

According to Token Unlocks, 96% of ALGO tokens are already unlocked. 

Injective (INJ)

• Unlock Date:  January 19
• Tokens: 3.27 million AXS ($547.08k)
• About INJ:

Injective (INJ) is a blockchain platform designed specifically to host leading Web3 finance applications. The native INJ token, as a medium of payment, is used to pay transaction fees across the Injective Protocol network. Users can use their INJ tokens to pay trading fees, gas fees, and other network-related costs. 

Optimism (OP)

• Unlock Date: January 30
• Tokens: 24.16 OP ($90.11 million)
• About OP: 

The Optimism Token (OP) is an ERC-20 token that allows users to participate in the governance of the Optimism protocol. It can be purchased and sold on Coinbase and other exchanges.

The January token unlock of OP comprises two allocations: 12.75 million OP for core contributors and 11.41 million OP for investors. The upcoming release represents 2.65% of the circulating supply. 

As per Token Unlocks, 20% of the total OP supply is currently unlocked, with a further 24% to be unlocked in the future. The remaining 56% of the supply is subject to a To Be Determined (TBD) allocation, which refers to the amount of tokens that have not yet been assigned a release timing. 

Previous Token Unlocks

Token unlock is a process that makes cryptocurrency or digital token tradable after certain period or conditions are met. It is used to prevent immediate selling by team members, advisors, and early investors. Scheduled token unlocks over months or years aim to stabilize prices and align token holder interests with the project’s long-term success.

This article is published on BitPinas: Top 10 Crypto Token Unlocks For January 2024

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