As July draws to a close, the crypto market is bracing for a wave of token unlocks that could inject fresh volatility. Three major protocols—Jupiter (JUP), Optimism (OP), and Kamino (KMNO)—are set to release over $72 million worth of tokens, prompting speculation about short-term price impacts.
1. Jupiter (JUP) Unlock – July 28
- Tokens unlocked: 53.47 million JUP
- Market value: ~$32.2 million
- Percent of total supply: 0.76%
- Percent of circulating supply: 1.78%
Built on Solana, Jupiter is a leading DEX aggregator aiming to optimize trade routes across the blockchain’s liquidity pools. Its upcoming token release will mostly benefit the core team (38.89M tokens) and early stakeholders (14.58M). The event follows the project’s monthly cliff unlock pattern.
2. Optimism (OP) Unlock – July 31
- Tokens unlocked: 31.34 million OP
- Market value: ~$26 million
- Percent of total supply: 0.73%
- Percent of circulating supply: 1.79%
Optimism, a layer-2 Ethereum scaling solution using Optimistic Rollups, will distribute tokens to its contributors and investors—16.54M and 14.8M respectively. The protocol’s mission to reduce gas fees and speed up transactions continues to draw developer attention despite macro uncertainty.
3. Kamino (KMNO) Unlock – July 30
- Tokens unlocked: 229.17 million KMNO
- Market value: ~$14 million
- Percent of total supply: 2.29%
- Percent of circulating supply: 9.5%
Kamino is a Solana-based lending and liquidity protocol. This unlock is the largest in proportion to its circulating supply. Of the total, 145.83M KMNO will go to stakeholders and advisors, while 83.33M will be allocated to core contributors.
Why This Matters
Token unlocks can exert downward pressure on prices, especially when a large percentage of circulating supply is released. However, they also represent key milestones in project development and reward systems. While investor attention remains high on JUP, OP, and KMNO, other tokens like Renzo (REZ), Gunz (GNZ), and Undeads Games (UDS) are also expected to unlock this week.
