The crypto market will welcome tokens worth around $621.4 million in the first week of May 2025. Major projects, including Hyperliquid (HYPE), Ethena (ENA), and RedStone (RED), will release significant new token supplies.
These unlocks could introduce market volatility and influence short-term price movements. So, here’s a breakdown of what to watch.
1. Hyperliquid (HYPE)
- Unlock Date: May 6
- Number of Tokens to be Unlocked: 422,000 HYPE
- Released Supply: 425.24 million HYPE
- Total Supply: 1 billion HYPE
Hyperliquid is a leading decentralized perpetual futures exchange built on its own Layer-1 blockchain. It offers high-performance trading with low latency, on-chain order books, and sub-second transaction finality.
On May 6, the team will unlock 422,000 HYPE worth $17.5 million. The tokens account for 0.18% of the released supply.
The team has allocated the unlocked supply to core contributors. Tokenomist pointed out that HYPE has historically claimed far fewer tokens than its projected unlock amounts.
2. Ethena (ENA)
- Unlock Date: May 5
- Number of Tokens to be Unlocked: 171.88 million ENA
- Released Supply: 8.09 billion ENA
- Total Supply: 15 billion ENA
Ethena is a synthetic dollar protocol built on Ethereum (ETH). The protocol’s flagship product is USDe, a synthetic dollar stablecoin. Furthermore, ENA is the protocol’s governance token.
The team will release 171.88 million ENA tokens on May 5. The tokens, worth $17.28 million, account for 2.12% of the released supply.
Ethena will award the 93.75 million tokens to core contributors. In addition, the investors will receive 78.13 million ENA.
3. RedStone (RED)
- Unlock Date: May 6
- Number of Tokens to be Unlocked: 40.85 million RED
- Released Supply: 334.94 million RED
- Total Supply: 1 billion RED
RedStone is a modular blockchain oracle protocol that feeds trusted, real-time external data into smart contracts and decentralized finance (DeFi) applications across multiple blockchains.
The team will release 40.85 million tokens on May 6. The tokens are worth $5.54 million. Furthermore, they account for 12.2% of the released supply.
The team will split the unlocked supply four ways. Early backers will get 26.42 million tokens. Core contributors will receive 5.56 million RED.
In addition, the team will allocate 5.54 million altcoins to the ecosystem and data providers. Lastly, it will direct 3.33 million tokens towards protocol development.
In addition to these three, Space and Time (SXT), Opinion (OPN), and BounceBit (BB) will also experience a new supply entering the market in the first week of May.