As we enter the second week of July, the crypto market braces for a wave of token unlocks. This week, three major ecosystems, Cheelee (CHEEL), Immutable X (IMX), and Aptos (APT), are set to unleash significant new token supply.

Here is a breakdown of what to watch for each project.

Aptos is a layer-1 blockchain that uses the Move programming language by Facebook (Meta). The primary objective of Aptos is to provide users with higher scalability, security, usability, and reliability.

On July 12, the network will release 11.31 million APT into the crypto market. The tokens are worth $50 million and represent 1.75% of the current circulating supply. Aptos will award the majority of these tokens to the community and allocate about 10% of the unlocked tokens to staking rewards.

Immutable X is Ethereum’s Layer-2 scaling solution designed specifically for NFTs, leveraging zero-knowledge rollups.
It enables gas-free NFT minting and trading, offering instant trade finality and high throughput of over 9,000 transactions per second.

Immutable will unlock 124 million IMX tokens on July 11, worth over $10 million. This represents 1.31% of Immutable’s total market cap. The project will allocate the majority of the unlocked tokens for ecosystem development. About 5% of the unlocked tokens allotted for public sale as well.

Cheelee is a social media platform that rewards users and creators for watching and producing content. It also features an NFT ecosystem, allowing users to buy, sell, upgrade, mint, stake, and collect NFT Glasses. The platform uses its native token, CHEEL, for governance, NFT upgrades, and in-app transactions.

Cheelee will unlock 2.67 million CHEEL tokens on July 10, with a total value of approximately $13.4 million. The platform will assign most of the unlocked tokens as Cheelee rewards.

Other prominent token unlocks that investors can look out for this week include Delysium (AGI), Moca (MOCA), and Xave (XAV).

The post 3 Token Unlocks for the Second Week of July appeared first on BeInCrypto.

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