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July is poised to be a big month for crypto gaming token unlocks.
Throughout the month of July, over $148 million worth of crypto gaming tokens will be unlocked and can enter the market, according to data from TokenUnlocks. And all of the projects in question have launched tokens on Ethereum.
Many crypto projects make their total supply of tokens available across days, weeks, months or years. Often, when a project launches its token, it locks up a significant amount of the supply that’s intended for collaborators, community rewards, and perhaps investors. Those tokens are then gradually unlocked for access and trading over time.
First up is the biggest of the month from Ethereum layer-3 gaming network Xai, which will be releasing 198.4 million XAI tokens ($60.76 million) in a “cliff unlock” on July 9. The majority of these tokens will be going to investors and the team, with just over $7 million worth going into the ecosystem and reserve.
A cliff unlock, as defined by TokenUnlocks, releases a bulk of tokens at one moment rather than drip feeding across multiple days. Linear unlocks will do the opposite, slowly releasing tokens daily over a specified period of time.
The Ronin network, for example, will release 404,290 RON tokens ($671,000) every day for 92 days beginning on July 27, resulting in just over $5 million being released over this period. Meanwhile, Gala Games will unlock 2.14 million GALA ($44,800) each day for a whole year, totalling $639,910 when July is all said and done.
Immutable will release 32.47 million IMX tokens ($38.32 million) on July 12 in a cliff unlock; these tokens will go to project and ecosystem development. A week later, on July 19, Ronin farming game Pixels will have a cliff unlock for 54.38 million PIXEL ($10.19 million), which will account for 7.05% of its circulating supply.
ApeCoin—the Ethereum token tied to the Bored Ape Yacht Club ecosystem including the Otherside metaverse game—is set to release 15.6 million APE ($10.89 million) on July 17, accounting for 2.31% of its circulating supply.
Last but not least, Parallel will be waiting to finish the month with 750,000 PRIME ($5.54 million) unlocking for those who invested in the studio behind the Ethereum NFT card-battler.
Edited by Andrew Hayward
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