Aptos, a Layer 1 protocol, is set to release 20 million Aptos APT/USD on Nov. 12, as per data from TokenUnlocks, thereby providing substantial liquidity.
The APT is worth $103 million based on the token's current market price of $5.15. This accounts for more than 8.5% of Aptos' circulating supply of 235.02 million and 112% of the average daily trading volume (ADV) over the previous 30 days.
Also Read: Cryptocurrency Aptos Up More Than 3% In 24 Hours
The unlocks are set to occur monthly along with monthly staking reward unlocks. Since 2022, 4.62 million APTs have been unlocked monthly for community and foundation purposes.
To learn more about unlocking tokens, Benzinga is hosting an exclusive event, Future of Digital Assets, on Nov. 14.
Unlocking Tokens: Tokens are generally locked to safeguard market value as early investors and project team members may try to offload their holdings all at one time.
Research firm The Tie stated unlocking of tokens that create liquidity or account for more than 100% of ADV leads to pressure on token prices.
Among other factors, open-interest-weighted funding rates are at the most negative since February and open interest in token terms (representing the number of active contracts) rose to 5.3 million APT yesterday, the highest since Aug. 17.
Aptos’ Digital Assets Standard: In the last week of August, Aptos launched Aptos Digital Asset Standard which will offer builders incomparable flexibility, composability, and scalability. It will make it possible to develop composable NFTs. The new Aptos DA standard is likely to unlock more growth opportunities, thereby pushing demand higher for the coin in the network.
APT Price Action: At the time of writing, Aptos token is trading up 0.02% at $5.18.
Meet and engage with transformative digital asset and crypto business leaders and investors at Benzinga's exclusive event, Future of Digital Assets. Tickets are flying: Get yours!
Read Next: Sony Looks East For Blockchain Development, Forms Joint Venture With Startale Labs
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
