$1.1B TIA token release to push October’s crypto unlocks to almost $2B

Almost $2 billion in tokens from major projects will be released in October, with 175.75 million Celestia tokens — worth $1.1 billion in current market prices — accounting for a huge chunk of the month’s total unlocks.

According to crypto vesting tracker DropsTab, $1.1 billion Celestia tokens will be unlocked on Oct. 31. The tokens 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 helps users launch their own blockchains. In 2022, its founders said the project aimed to help developers launch blockchains as easily as deploying smart contracts.

The project became very popular in the last quarter of 2023, 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 it currently stands at $6.51.

Major token unlocks in October

Apart from TIA, a Web3 social network project called Cheelee, 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. Cheelee tokens dropped from $16 to $12 on the opening day for withdrawals

Apart from TIA and CHEEL, which account 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 projects are scheduled to unlock almost $600 million in crypto tokens to the market.

Aptos is scheduled to release $90 million in APT tokens on Oct. 12. These tokens are allocated to the project’s foundation, core contributors, investors and community.

Arbitrum, Axie Infinity, ImmutableX and GateToken’s unlocks range from about $50 million to $70 million, while Starknet, Internet Computer and Ethena Labs’ crypto unlocks range from $20 to $30 million.

Source: https://cointelegraph.com/news/tia-token-release-october-crypto-unlocks-2-billion