In October, nearly $2 billion in tokens from key projects will be launched. $300 million in Cheelee tokens will be released on Oct. 10, and Celestia tokens worth $1.1 billion will be unlocked on Oct. 31,
In October, a significant portion of the total unlocks for the month will be accounted for by 175.75 million Celestia tokens, currently valued at $1.1 billion in the market. This represents nearly $2 billion in tokens from key projects.
Celestia will release $1.1 billion in tokens on October 31, according to the crypto vesting tracker DropsTab. Research and development, seed round investors, Series A and B investors, and the project’s initial primary contributors receive the coins.
The objective of Celestia is to assist users in the establishment of their blockchains through the use of a modular data availability network.
The project’s architects stated in 2022 that the objective was to facilitate the deployment of blockchains by developers like that of smart contracts.
The project’s popularity surged in the final quarter of 2023, resulting in a significant increase in the price of TIA tokens, which reached an all-time peak of $20.85 on February 10. Cointelegraph Markets Pro data indicates that the price has declined since then, currently at $6.51.
October will witness significant token releases
In addition to TIA, a Web3 social network initiative known as Cheelee, which incentivizes users to view videos, is expected to release $300 million in vested crypto tokens on October 10. According to the data from DropsTab, the tokens are distributed 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 September 20 in anticipation of an update and reactivated them on September 24. Cheelee tokens decreased from $16 to $12 on the first day of withdrawals.
In addition to TIA and CHEEL, which accounted for 70% of all token unlocks in October, other notable unlocks include Aptos, Arbitrum, Axie Infinity, ImmutableX, GateToken (GT), Starknet, Internet Computer, and Ethena Labs.
These initiatives are expected to release nearly $600 million in crypto tokens.
On October 12, Aptos intends to distribute $90 million in crypto tokens. The foundation, primary contributors, investors, and project community receive these tokens.
Arbitrum, Axie Infinity, ImmutableX, and GateToken’s unlocks ranged from approximately $50 million to $70 million, while Starknet, Internet Computer, and Ethena Labs’ crypto unlock ranged from $20 million to $30 million).
