March 2023 is set to see a flood of tokens enter the market, with 18 projects scheduling their unlocks during the month. The wave of unlocks will see $640 Million worth of tokens set to enter the market.
Just the first day of March will see $224 million worth of tokens enter the market, accounting for nearly 34% of the unlocks scheduled.
Tokens To Flood The Market
Data from Token Unlocks has shown that 18 projects have scheduled their token unlocks for the month of March. This unlocking spree will see nearly $650 million worth of tokens flood the market. Out of the 18, six projects will unlock their tokens on the 1st of March, accounting for nearly $225 million of the $650 million estimated to be unlocked on the 1st of March will see Euler (EUL), Acala (ACA, Hedera (HBAR), 1inch (1INCH), Stepn (GMT), and Galxe (GAL) unlock their tokens.
The Hedera (HBAR) unlock is set to be the largest token unlock during the month, with the protocol set to release 3 million HBAR tokens worth over $218 million. Euler (EUL) will be unlocking $201,600 worth of EUL tokens each day until the total value of tokens released reaches $885,368. GMT will take a similar approach, releasing $221,932 worth of tokens every day.
1INCH, ACA, and GAL will release $37,128, $4.2 million, and $1.1 million worth of tokens, respectively.
Other Unlocks During The Month
Other projects that have scheduled unlocks during the month are Nym (NYM) which will be unlocking $1.3 million worth of tokens on the 3rd of March. This accounts for 0.5% of the token’s total supply. The 8th of March will see Tornado Cash (TORN) release 175,000 tokens worth $1.4 million. Moonbeam (GLMR), Aptos (APT), dYdX (DYDX), Sweat Economy (SWEAT), and BitDAO (BIT) have scheduled their unlocks for March 11th, 12th, 13th, 14th, and 15th, respectively.
GLMR will be releasing $89,000 worth of tokens every day until the total value of tokens released hits $4.27 million. SWEAT will undergo a cliff unlock, releasing $72,900 each day until the value reaches $1.5 million. Aptos (APT), dYdX (DYDX), and BitDAO (BIT) will be releasing $54.8 million, $19.6 million, and $109 million, respectively. Other protocols include ApeCoin (APE), Stargate Finance (STG), LooksRare (LOOKS), Immutable X (IMX), and Yield Guild Games (TGG).
ApeCoin To Unlock $205 Million Worth Of Tokens
ApeCoin had already released 7.3 million APE tokens into the market on the 16th of February, which was around 0.7% of the total APE supply. Following the release, the price of the token dropped by 10%. The next token unlock has been scheduled for the 17th of March and will see 40.6 million APE tokens, worth around $215 million, released into the market. This represents 4% of the total supply, with market watchers predicting a more considerable impact on the token’s price. ApeCoin has stated that it will continue to release tokens into the market each month until March 2026.
Meanwhile, BitDAO, which had unlocked $106 million worth of tokens on the 14th of February, saw the price of the BIT token hold despite the increased supply. With the next unlock scheduled for the 15th of March, with the protocol set to release 187 million BIT tokens.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.