Tomorrow, a popular altcoin project, which is also in demand in Turkey, will go through the “unlock” process. That is, some of the locked tokens will enter the market. Here are the details…
Millions of APTs will be released
The data shows that millions of Aptos (APT) tokens will be unlocked on Wednesday. The amount to be unlocked will increase the circulating supply by 0.5 percent. The unlocking process is expected to take place on April 12 at 08:30 Turkish time. According to CoinGecko data, APT has increased by about 8 percent over the past 24 hours, outperforming Bitcoin (BTC) and the overall market. The Aptos network is currently valued at over $2.1 billion by market cap. APTs to unlock are worth over $50 million at current prices.
cryptocoin.com As we have also reported, the unlocking process refers to the automatic open release of new tokens from any Blockchain network, usually based on pre-planned token economy plans. About 84 percent of the total APT tokens are still locked. In other words, most of the tokens have not been released yet. For this reason, some experts state that current valuations may decrease in the long run.
How can altcoin price react?
Token unlocks are key events that have the power to influence the market as participants react to the move. The launch of tokens adds to selling pressure by allowing early investors, developers or other owners to sell their holdings while the price is still high. However, depending on the underlying demand, new investors or traders may increase their current holdings in the token in question, leading to a higher price after the initial selling pressure has subsided.
Aptos Labs, the parent company of Aptos Blockchain, had raised over $350 million in multiple rounds in 2022. Meanwhile, Aptos-based cryptocurrency platforms are also receiving large amounts of funding. Most recently, Econia Labs, which created a decentralized order book infrastructure on the Aptos network, drew attention with the funding it received. Saying that it is facilitating integrations to attract more DeFi developers, Econia recently received $6.5 million in seed funding to develop the Aptos DeFi foundation.
Econia already has a design that enables a wide range of applications, from spot trading to leveraged perpetual futures, on the Aptos Blockchain via the Econia protocol. Also, dApp integrators have started using the system and DeFi developers will soon be joining the system to facilitate their integration. Aptos seems keen on further diversification. He has recently entered the NFT and music field as well. Its expansion into DeFi systems could be particularly beneficial for long-term sustainability, regardless of token unlocks.
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