First cryptocurrency Axie Infinity, which has experienced a great increase in popularity last year as one of the most focused computer games, is AXS with a value of 215 million dollars in the coming days. altcoin Unlocked, it could face significant selling pressure.
According to data site TokenUnlocks, 21.5 million tokens will be released when the vesting period ends on October 24, roughly 8% of the total supply.
Altcoin Unlock Transaction Expected to Occur on October 26
Aleksander Larsen, general manager of Axie developer Sky Mavis, said in a statement that the unlock schedule is based on transaction block counts, which he predicts will occur on October 26.
The vesting period is the period during which early investors and insiders must keep their investments locked up for a minimum period of time; this is partly to ensure that they do not withdraw their money when new investors arrive.
Once the vesting period is over, the assets are unlocked and investors can sell. In digital asset markets, the token price can sometimes face tough selling pressure at such times.
According to TokenUnlocks, almost half of the soon-to-be unlocked AXS tokens will be directed to members of the developer team ($57 million), advisors ($25 million), and initial investors ($20 million) in a private sale round. Theoretically, these holders can decide to make a profit and sell tokens.
The other half, around 11 million tokens, is reserved for future stake rewards, play-to-win rewards and ecosystem funds, according to TokenUnlock. According to Larsen, these tokens will not be circulated immediately.
In a statement, Larsen said that Sky Mavis, the blockchain game studio that developed Axie, “recently staked 11 million AXS and will also stake the upcoming token offering.”
*Not investment advice.
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