• Avalanche is set to unlock 9.54 million AVAX tokens on August 26, representing 2.77% of the total supply.
• The event is expected to release over $103 million worth of AVAX tokens into circulation.
• Prices have declined from mid-July highs near $16 and total value locked (TVL) has also decreased by 10% in the past seven days to $544 million.
Avalanche Unlocks Tokens
Avalanche is preparing to unlock 9.54 million AVAX tokens on August 26, which are equivalent to 2.77% of the total supply and valued at over $103 million.
The price of Avalanche traded at $10.65, down 1.5% in the past 24 hours due to a crypto sell-off that put pressure on prices. This comes after AVAX had peaked near $16 in mid-July this year and fallen by 14% in the past week and 25% in the last 30 days as traders await the token unlock event for potential impacts on short term price performance.
Value Locked Decreases
DeFiLlama data shows the Total Value Locked (TVL) in the Avalanche DeFi ecosystem has shrunk by more than 10%, with its current value standing at $544 million as of August 21st 2021, 7 days before the token unlock event takes place.
24-Hour Trading Volume
CoinGecko records show that Avalanche’s 24-hour trading volume stands at $88 million, up 12%.
Token Unlock Allocation
The planned token unlock has allocated tokens for various participants within Avalanche’s ecosystem: 2.25 million will go towards strategic partners; 1.67 million towards foundations; 4.5 million for teams; and another 1.13 million via airdrops