Token Unlocks estimates $102B worth of unlocks in 2023

Token Unlocks’ 2022 Annual Report estimates that $102 billion worth of tokens will be unlocked in 2023.

The data points out that December 2022 ended with $102.1 billion worth of tokens remaining locked, with a $570.8 billion Fully Diluted Value (FDV)and $468.7 billion market cap. Dividing the market cap by FDV, the report concludes that 82.1% of all tokens with fixed supply are already in free circulation in the market.

15 projects with most considerable estimated locked value

The report states that 15 projects account for more than 75% of the total illiquid tokens. Out of the top 15 largest estimated unlocks, six of them remain below $1 billion in value. In comparison, two are expected to be roughly equal to $1 billion, and the remaining seven will be worth more than a billion.

Top 15 Token Unlocks of 2023
Top 15 Token Unlocks of 2023

The list reveals that Ripple (XRP) ranks first with $17.9 billion worth of total locked tokens. Filecoin (FIL) and Optimism (OP) follow XRP as the second and the third, with $4.9 billion and $3.7 billion locked value, respectively.

Chainlink (LINK), BitDAO (BIT), ApeCoin (APE), and STEPN (GMT) are also ranked above the $1 billion mark. Hedera (HBAR) and Axie Infinity (AXS) are estimated to have around $1 billion worth of tokens locked up.

Tokens unlocked so far

So far, four unlocks have already released a total of $126 million worth of tokens into the market. BIT and APE are included in the top 15 list of these four. BIT and APE released tokens worth $67 million, and $28 million, on Jan. 15 and 17, respectively.

While not included in the above ranking, Moonbeam (GLMR) was the first unlock of the year. It took place on Jan. 11 and unlocked $15 million worth of GLMR tokens. On Jan. 12, Aptos (APT) also unlocked tokens worth $16 million.

Upcoming unlocks

The next unlock included in the above list will be taking place on Jan. 23 from AXS, and the project will release 4.8 million tokens worth $31 million.

Following AXS, GMT, and dYdX (DYDX) from the list will also release their tokens during February. GMT will start its linear unlock on Feb. 1 by releasing $588,608 worth of tokens per day. On Feb. 3, DYDX will release 150 million tokens which correspond to 15% of its total supply and equate to around $195 million.

The next unlock included in the list will occur on May 31 and come from OP, the project with the third-largest estimated locked value. The project will release 3.6% of its total supply of 154,618,822.65 OP tokens. The total unlocked value is expected to be around $253 million.

The last scheduled unlock amongst the top 15 is from Curve DAO (CRV). On Aug. 14, the project will start its linear unlock period by releasing $411,902 worth of tokens per day.


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