About 19 cryptocurrency projects are set to issue at least $10 million worth of coins into circulation this month, TokenUnlocks data revealed.
In the cryptocurrency industry, projects sometimes avoid releasing the maximum supply of a token onto the open market. This practice is common with protocols that raise money through venture capitalists and independent investors.
After that, a portion of the token supply will be subject to a vesting schedule known as a lockup period. During this time, investors and shareholders cannot liquidate crypto assets or sell them on exchanges, although some protocols allow ownership and generation of return on tokens.
19 major cryptocurrencies to open this month
Two protocols stand out among the 19 projects to unlock about $3.66 billion worth of tokens this month. Pyth Network (PYTH), an oracle services provider, will issue approximately 2.13 billion tokens into the market, currently valued at approximately $1.2 billion. according to Unlocks the tokenthe PYTH tokens that will be traded will more than double the supply.
Even with the massive issuance, tradable PYTH tokens remain far behind the total Pyth supply of around 10 billion per CoinMarketCap.
More than 827 million Aevo (AEVO) tokens will be unlocked within 10 days this month, increasing the protocol's available supply by more than seven times. Aevo offers perpetual and pre-launch options and trading facilities on its decentralized exchange. AEVO has a maximum supply of 1 billion, but only 110 million are in circulation. The value of AEVO tokens scheduled to be unlocked is more than $1.2 billion.
