During the first week of May 2026, the cryptocurrency market will be buzzing with the unlocking of several significant tokens, totaling nearly $621.4 million. Three notable projects – Hyperliquid, Ethena, and RedStone – will unlock a substantial volume of tokens. This could have repercussions on market volatility and influence short-term price fluctuations. This article examines these major events in detail.
Hyperliquid: A Growing Platform
On May 6, Hyperliquid plans to unlock 422,000 HYPE tokens, representing a value of $17.5 million. Currently, the circulating supply is 425.24 million HYPE, with a total expected supply of 1 billion tokens. Hyperliquid positions itself as a leading decentralized exchange for perpetual contracts, built on its own Layer-1 blockchain. Its promise of high-performance trading, characterized by low latency and on-chain order books, attracts many traders.
This unlocking represents only 0.18% of the circulating supply, but it could lead to significant market movements. Historical trends indicate that Hyperliquid had previously claimed lesser amounts than initially expected during past unlockings, thereby drawing the interest of market observers.
Ethena: Growing Stablecoin
As part of its operations, Ethena will announce on May 5 the release of 171.88 million ENA tokens valued at $17.28 million. With a circulating supply of 8.09 billion ENA and a total of 15 billion ENA, Ethena is distinguished by its synthetic dollar protocol based on Ethereum.
The flagship product, USDe, is a synthetic dollar stablecoin that is experiencing growing adoption. The unlocking of ENA tokens, representing 2.12% of the circulating supply, will also include a significant allocation to key contributors and interested investors, with 93.75 million and 78.13 million tokens respectively. This action could impact the demand for stablecoins in the sector.
RedStone: Essential Connector for DeFi
On May 6, RedStone will make available 40.85 million RED tokens, corresponding to a value of $5.54 million. With a circulating supply of 334.94 million RED out of a total of 1 billion, RedStone plays a fundamental role as a modular oracle protocol. Its ability to provide reliable, real-time external data to smart contracts and decentralized finance (DeFi) applications across various blockchains illustrates the growing importance of oracles in the crypto ecosystem.
This unlocking represents 12.2% of the circulating supply. The unlocked tokens will be distributed in several shares, with a significant portion reserved for early supporters and key contributors. This could stimulate investor engagement and influence the price trajectory of RED in the coming weeks.
