Celestia tokens — worth $1.1 billion in current market prices — accounting for a huge chunk of the month's total unlocks.
Major crypto projects are set to release almost $2 billion in tokens in October, according to crypto vesting tracker DropsTab.
A huge chunk of the month’s total unlocks will be 175.75 million Celestia (TIA) tokens, which are currently valued at $1.1 billion in the market. The tokens will be unlocked on Oct. 31 and are allocated to the project’s initial core contributors, research and development, Series A and B investors and seed round investors.
Celestia is a modular data availability network that enables users to launch their own blockchains. In 2022, its founders said the project aimed to help developers launch blockchains as easily as deploying smart contracts.
Last quarter, the project became quite popular, pushing TIA’s tokens price upward until it reached an all-time high of $20.85 on Feb. 10. Since then, Cointelegraph Markets Pro data shows that the price is on a downward trend and currently stands at $6.51.
Major token unlocks in October
Apart from TIA, a Web3 social network project called Cheelee (CHEEL), which rewards users for watching videos, is scheduled to unlock $300 million in vested crypto tokens on Oct. 10. DropsTab data shows that the tokens are allocated to the project’s advisers, reserve fund, marketing, liquidity, team, community airdrop and private round investors.
The social application suspended withdrawals for its social app rewards on Sept. 20 as it prepared for an update and enabled withdrawals on Sept. 24. During the opening day for withdrawals, CHEEL tokens dropped from $16 to $12.
Apart from TIA and CHEEL, which account for 70% of all token unlocks in October, other notable unlocks include Aptos (APT), Arbitrum (ARB), Axie Infinity (AXS), ImmutableX (IMX), GateToken (GT), Starknet (STRK), Internet Computer (ICP) and Ethena Labs (ENA). These projects are set to unlock almost $600 million in crypto tokens to the market.
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