November 2024 will see $2.6 billion worth of crypto tokens unlocked across major blockchain projects, including Sui, Aptos, Arbitrum, and more. These releases will affect market liquidity and token values. A total of $2.6 billion worth of tokens will be unlocked this month. Investors must understand these events to navigate the market effectively. Below are the key unlocks and their potential impact.

On November 1, Immutable released 32.47 million IMX tokens. This unlock represented 1.98% of the total supply, valued at $45.5 million. Immutable led in NFT and blockchain gaming, offering a platform that scaled without gas fees. This token release added substantial supply to the market. More tokens drove prices down as some investors sold their newly available tokens. However, this unlock also presented opportunities for investors looking to enter at a lower price. The token’s future depended on how the gaming and NFT sectors performed. If the demand for NFTs grew, the increased supply could be absorbed faster.

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On November 1, ZetaChain unlocked 53.89 million ZETA tokens. This accounted for 11.72% of the circulating supply, valued at $34.3 million. ZetaChain enabled seamless interaction between blockchains. The token unlock significantly increased supply. A larger supply often led to lower prices, especially in the short term. However, ZetaChain’s mission to unify isolated blockchain networks gave it an edge. Success depended on maintaining demand and expanding partnerships. If the project continued to build strong collaborations, the market impact could be minimized, and the added supply could find utility.

On November 3, Sui released 81.91 million SUI tokens. This equals 2.97% of its total supply, valued at $128.4 million. Sui is a high-speed Layer 1 blockchain that uses the Move programming language. This large token unlock may lead to a dip in price. The added supply will test the market's ability to absorb new tokens. Sui’s value lies in its focus on speed and scalability. If the blockchain continues to attract developers and users, it can handle the increased supply. The market will look at new partnerships and projects on Sui as indicators of its potential growth.

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Neon will unlock 53.91 million NEON tokens on November 7. This represents a massive 93.43% of its total circulating supply, valued at $22.2 million. Neon builds Ethereum Virtual Machine (EVM) compatibility on Solana. This unlock will flood the market with almost the entire circulating supply. The potential for drastic price swings is high. Neon’s success depends on its ability to bridge the Ethereum and Solana ecosystems. If developers adopt Neon to bring dApps to Solana, the new supply could gain use. However, a lack of developer interest could lead to severe price drops. The project's growth hinges on increasing the number of applications and fostering developer trust.

On November 12, Aptos will release 11.31 million APT tokens. This unlock represents 2.18% of the circulating supply, valued at $114 million. Former Meta engineers developed Aptos with technology from the Diem blockchain. Aptos focuses on scalability and security through advanced consensus mechanisms. The increase in available tokens could push prices lower as more holders may decide to sell. However, Aptos’s strong technology foundation may support market stability. The project's success will depend on building a thriving ecosystem of users and developers. Investors will look for adoption metrics and ongoing partnerships to gauge Aptos’s potential resilience.

The distribution of these tokens will be as follows:

• Foundation: 1.33 million APT ($11.84 million)

• Community: 3.21 million APT ($28.51 million)

• Core contributors: 3.96 million APT ($35.15 million)

• Investors: 2.81 million APT ($24.93 million)

Starknet will release 64 million STRK tokens on November 15. This accounts for 3.3% of the circulating supply, valued at $24.8 million. Starknet is a Layer 2 scaling solution for Ethereum. It aims to improve Ethereum’s transaction speed and lower costs. According to their website , Starknet uses the power of STARK technology to ensure computational integrity. By validating off-chain transactions with advanced math and cryptography, Starknet overcomes Ethereum’s scalability limitations. Starknet is a Validity Rollup that provides unlimited scale while retaining Ethereum’s security and decentralization. The increased supply could lead to short-term selling pressure. However, Starknet’s value proposition as a scalability solution could help absorb this new supply. The project’s future relies on its ability to attract projects seeking cheaper and faster Ethereum transactions. The unlock will test Starknet’s adoption rate and whether users see it as a key component of Ethereum’s growth.

Arbitrum will unlock 92.65 million ARB tokens on November 16. This release represents 2.33% of its total circulating supply, valued at $49.5 million. Arbitrum is one of the leading Layer 2 solutions for Ethereum. It aims to provide cheaper and faster transactions while maintaining Ethereum's security. The added supply could impact ARB’s price negatively if many holders decide to sell. However, Arbitrum’s large user base and ecosystem strength could help stabilize the market. According to their website, the Arbitrum Nitro Stack is designed to boost throughput, lower transaction costs, and achieve compatibility with Ethereum, all while upholding Arbitrum’s security standards. Nitro exists in two different variants, Arbitrum Rollup and Arbitrum AnyTrust.

The token’s performance will depend on ongoing user adoption and the number of projects using Arbitrum’s solutions. New partnerships and integration with dApps will be crucial to mitigating the impact of this unlock. 

• Team, future team, and advisors: 56.13 million ARB ($29.43 million)

• Investors: 36.52 million ARB ($19.15 million)

Polyhedra Network will unlock 17.22 million ZKJ tokens on November 19. This accounts for 28.52% of its circulating supply, valued at $19.8 million. Polyhedra focuses on privacy and security using zero-knowledge proof (ZKP) technology. According to their website, zkBridge uses zkSNARKs to enable a prover to efficiently convince the receiver chain that a certain state transition happened on the sender chain. zkBridge consists of a block header relay network and an updater contract. The result is that the updater contract maintains a light-client state. It automatically adds block headers of the sender chain once the associated proofs are verified, and updates the current main chain of the sender chain.This release will add a large number of tokens to the market. The increase could result in price drops as supply outpaces demand. Polyhedra’s success will depend on its ability to prove its worth in the privacy space. As privacy becomes more important to blockchain users, Polyhedra may see increased adoption. The market will watch for developments in its privacy solutions and partnerships with other blockchain projects.

These token unlocks will collectively release $2.6 billion worth of assets into the market. The increased supply will lead to selling pressure and likely cause short-term price drops. Projects like Sui, Aptos, and Neon will see the most dramatic impacts due to the size of their unlocks. Investors must monitor how well these projects manage the new supply. Projects like Arbitrum and Starknet, with strong user bases, may handle the supply increase better than others. The overall market could see increased volatility throughout November.

Token unlocks can also provide buying opportunities for investors looking for lower entry points. As supply increases, prices may dip, allowing for strategic accumulation. November will be a month of heightened activity in the crypto market. Investors should stay informed and adapt to the evolving conditions to manage risks effectively.

ARB Unlock. Source: Tokenomist

November 2024 is a critical month for token unlocks. A total of $2.6 billion worth of crypto assets will enter the market. The influx of new tokens will increase supply and create downward price pressure, especially for IMX, NEON, and ARB. While this could cause temporary challenges, it also opens up opportunities for those ready to accumulate tokens at lower prices. Staying informed and prepared will be essential as the market reacts to these significant changes.