New month, new scheduled token unlocks.

This month over $760 million worth of cryptocurrency will be unlocked and enter the circulation.

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

What are token unlocks?

Token unlocking refers to a procedure that allows the trading of a cryptocurrency or digital token once specific timeframes or conditions have been fulfilled. This mechanism is implemented to deter immediate selling by team members, advisors, and early investors. 

The scheduled release of tokens over extended periods, spanning months or years, is designed to stabilize prices and synchronize the interests of token holders with the project’s enduring success.

February 2024 Token Unlocks

Acala (ACA)

• Unlock Date: February 1
• Tokens: 27.43 million ACA ($2.15)
• About ACA: 

ACA serves as the native utility token of Acala, facilitating the execution of smart contracts and empowering token holders with the ability to participate in network development through voting. Acala is a decentralized, cross-chain stablecoin and liquidity blockchain that operates within the Polkadot ecosystem.

This month will be a cliff unlock releasing 16.18 million ACA for strategic partners and 11.25 million ACA for the Acala Team. The release is 3.10% of the total circulating supply. According to Token Unlocks, 24% of ACA tokens are still locked, 38% are unlocked and another 38% are untracked.

Euler (EUL)

• Unlock Date: February 1
• Tokens: 104,460 EUL ($415,760)
• About EUL: 

Euler, a decentralized protocol enabling digital asset borrowing and lending, features its native governance token, EUL. EUL holders possess the authority to vote on network development, actively participating in shaping Euler Finance’s future decisions and direction.

According to Token Unlocks, 81% of EUL tokens are already unlocked, 19% are still locked.

Liquity (LQTY)

• Unlock Date: February 5
• Tokens: 657,350 LQTY ($854,560)
• About LQTY : 

Liquity (LQTY) is a USD-pegged stablecoin on the decentralized borrowing protocol built on Ethereum. Ether holders can draw loans in the form of LQTY, with redemption and loan issuance fees algorithmically adjusted according to the protocol’s collateral ratio.

Galxe (GAL)

• Unlock Date: February 5
• Tokens: 5.18 million GAL ($9.06 million)
• About GAL : 

Galxe, introduced on April 28, 2022, through Binance Launchpool 1, is a global web3 credential data network. It aims to establish a collaborative public credential data network, empower web3 developers to enhance products, and foster communities using credential data. 

Within the Galxe ecosystem, the GAL token plays a pivotal role, serving as the governance token, encouraging user engagement, and acting as the primary payment token.

Galxe’s token unlock distribution includes a Seed Sale of 1.77 million GAL (1.97% of the circulating supply, raising $3.10 million), Strategic Sale 1 with 973.87 thousand GAL (1.08% of circulating supply, raising $1.70 million), and Advisors and Partners holding 913.68 thousand GAL (1.02% of circulating supply, raising $1.60 million).

Hashflow (HFT)

• Unlock Date: February 7
• Tokens: 13.85 million HFT ($4.19 million)
• About : 

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

Last month, the token also unlocked 13.62 million ($5.08 million) HFT tokens through a cliff unlock, and 31.63k tokens ($11.79k) through a linear unlock.

As of writing, data from Token Unlocks indicates that 54% of HFT tokens remain locked, 43% have been unlocked, and 3% are untracked.

Aptos (APT)

• Unlock Date: February 11
• Tokens: 24.84 million APT ($217.87 million)
• About APT: 

The Aptos (APT) token, functioning as a utility and governance token, adheres to the Aptos token standard, ensuring interoperability within the ecosystem. APT serves as the native token for transaction and network fees on the Aptos network, incentivizing validator nodes and rewarding participants in Aptos projects.

Aptos operates as a Layer 1 Proof-of-Stake blockchain, utilizing the Move smart contract programming language, developed independently by Meta’s Diem blockchain engineers.

CyberConnect (CYBER)

• Unlock Date: February 14
• Tokens: 2.36 million CYBER ($16.91 million)
• About CYBER: 

CyberConnect is a decentralized social network protocol, empowers developers to construct fair and direct social applications. Its native utility and governance token, CYBER 12, plays a key role for acquiring CyberProfiles featuring premium usernames, motivating validator nodes, and rewarding users actively engaged in CyberConnect projects.
According to Token Unlocks, only 17% of CYBER tokens are unlocked and 83% are still locked.

The Sandbox (SAND)

• Unlock Date: February 14
• Tokens: 205.59 million SAND ($94.42 million)
• About SAND: 

SAND is the primary currency for all in-game transactions and interactions, obtainable through gameplay or contests within The Sandbox, and is available for purchase on exchanges like Binance. Additionally, SAND, being an ERC-20 token, allows owners to stake it and earn rewards through staking.

The Sandbox is a blockchain-based virtual world where users can create, buy, sell, and build digital assets within a gaming environment.

As per the data from Token Unlocks, SAND already unlocked 79% of its total supply while 21% is still locked.

ApeCoin (APE)

• Unlock Date: February 17
• Tokens: 15.60 million APE ($22.31 million)
• About APE: 

APE serves as the governance token within the Bored Ape Yacht Club ecosystem, offering utility in multiple applications, including transactions involving in-game assets.

As of writing, 60% of ApeCoin is still locked and 40% are already released into circulation as per Token Unlocks.

Avalanche (AVAX)

• Unlock Date: February 22
• Tokens: 9.54 million AVAX ($339.78 million)
• About AVAX : 

AVAX is the native token on the Avalanche blockchain, leveraging smart contracts to facilitate diverse blockchain projects. As a hard-capped and scarce asset, AVAX serves multiple purposes, including covering transaction fees, ensuring platform security through staking, and serving as a fundamental unit of account across the various Subnets established on Avalanche.

Token Unlocks data shows that 58% of the total supply of AVAX are still locked and 42% are already unlocked.

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

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