by Coinstrooper Crypto Articles
Quick Take
  • 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.
  • Hyperliquid is a leading decentralized perpetual futures exchange built on its own Layer-1 blockchain.

What Happened

These unlocks could introduce market volatility and influence short-term price movements. So, here’s a breakdown of what to watch.

Ethena will award the 93.75 million tokens to core contributors. In addition, the investors will receive 78.13 million ENA.

Market Context

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.

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.

Why It Matters

Unlock Date: May 6

On May 6, the team will unlock 422,000 HYPE worth $17.5 million. The tokens account for 0.18% of the released supply.

Unlock Date: May 5

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.

Details

1. Hyperliquid (HYPE)

Number of Tokens to be Unlocked: 422,000 HYPE

Released Supply: 425.24 million HYPE

Total Supply: 1 billion HYPE

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)

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.

3. RedStone (RED)

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.