Several Crypto Projects Gearing Up for Their Official Release Next Month, with $175.75M Celestia (TIA) Tokens Unlocking

Data from the crypto vesting tracker DropsTab showed that $1.1 billion worth of TIA tokens would be unlocked on Oct. 31.

Several crypto projects are gearing up for their official release next month, with 175.75 million Celestia (TIA) tokens unlocking the next in line.

According to data from the crypto vesting tracker DropsTab, $1.1 billion worth of TIA tokens will be unlocked on Oct. 31. The assets have already been allocated to the project’s core stakeholders, which include investors, developers, and contributors.

As a modular data availability network, Celestia’s design aims to improve the efficiency of the blockchain launch process. The platform allows developers to create their blockchains and implement smart contracts easily.

During their presentation two years ago, the project’s founders stressed that they wanted to make the blockchain creation process as simple as possible. As a result, the modular network has gained popularity fast, with rapid adoption by the crypto community by the end of last year.

With the impending token unlock influencing Celestia’s market performances, several other Web3 projects are also gaining attention due to their upcoming token unlocks in October. A notable example is Cheelee, a Web3 social network that pays users to watch videos.

This project intends to unlock $300 million worth of vested crypto tokens on Oct. 10. These tokens will be distributed among advisors, a reserve fund, marketing, liquidity, the team, a community airdrop, and investors in private rounds and other channels.

Recently, Cheelee (CHEEL) suspended its rewards program withdrawals to prepare for a system update. Following the start of withdrawals on Sept. 24, the price of CHEEL tokens fell from $16 to $12 on the first day.

Together, Cheelee and Celestia are responsible for almost 70% of the planned October token unlocks, which will release nearly $600 million worth of assets. Aptos, Arbitrum, Axie Infinity, ImmutableX, GateToken, Starknet, Internet Computer, and Ethena Labs are other projects with imminent token unlocks.

For instance, Aptos is slated to release $90 million in APT tokens on Oct. 12, which will be allocated to the project’s foundation, core contributors, investors, and community. Meanwhile, token unlocks for Starknet, Internet Computer, and Ethena Labs will release up to $30M of their native assets into the market.