Aevo and Pyth lead May’s $3 billion crypto token unlock wave
May is poised to be a pivotal month for the crypto market, with significant token unlocks scheduled that could have far-reaching effects. According to Token Unlocks data, the market is set to witness its second token unlock of over $3 billion this year alone.
Token unlocks, which involve the gradual release of coins initially held to discourage early investors or team members from rapidly selling their large-volume holdings, have historically had a substantial impact on market conditions. They often amplify selling pressure on a digital asset, influencing broader market sentiment.
Leading the pack in May are two major players: Aevo and Pyth, each preparing to release over $1 billion worth of tokens. Aevo is gearing up to release 827.6 million tokens valued at $1.257 billion, marking an impressive 758% increase in its current supply. This unlock is scheduled for May 15.
In addition, the Layer-2 DEX roll-up will release 6.13 million AEVO tokens daily into circulation between May 16 and May 24. These tokens will primarily enter the DAO treasury, early private sale investors, and the project team.
On the other hand, Pyth Network, a decentralized oracle service provider built on Solana, plans to more than double its circulating token supply by unlocking 2.13 billion tokens worth approximately $1.25 billion on March 20.
This token unlock marks Pyth’s first release since its launch last November and aims to incentivize ecosystem participants, protocol developers, and early supporters.
Besides these significant unlocks, numerous other projects are preparing for token releases in May. Avalanche, a Layer 1 blockchain, will launch 9.54 million AVAX tokens valued at $332 million on May 22. This marks the second major token release for the blockchain network this year.
DeFi protocol dYdX will unlock 33.33 million tokens, representing 10% of its circulating supply valued at $71 million today. Similarly, USDe issuer Ethena will release approximately 4% of its circulating supply, equivalent to 53.6 million ENA tokens, on the same day.
Furthermore, Memecoin is gearing up to release 5.31 billion MEME tokens into circulation, amounting to $141 million and representing 31.92% of the token’s circulating supply.
Several Ethereum layer-2 networks like Arbitrum, Optimism, and Starknet are also among the projects with scheduled unlocks for this month.