Pyth Network Drives May's Massive Token Unlock Surge

In May, the cryptosphere braces for a substantial influx of unlocked tokens worth billions from projects like Pyth Network. dYdX leads the unlock schedule on May 1, releasing $69.33 million in DYDX tokens. Subsequently, Ethena and MEME will unlock over $53.6 million and $136.87 million, respectively, on the same day. Notably, Aptos and Arbitrum plan significant token releases in the second week, with Pyth Network's unlock on May 20 standing out as the most significant, releasing $1.24 billion worth of PYTH tokens, doubling its circulating supply.

Pyth Network Leads May's Substantial Token Unlock Surge

As the month of April draws to a close, the cryptocurrency market anticipates a significant influx of unlocked tokens worth billions of dollars from various crypto projects, particularly Pyth Network.

According to data from Token.Unlocks, dYdX (DYDX) will initiate the token unlock event on May 1, releasing $69.33 million worth of tokens to investors, founders, and future employees. Ethena, the organization behind the USDe stablecoin, will concurrently unlock ENA tokens valued at over $53.6 million.

On May 3, MEME will follow suit, unlocking a substantial $136.87 million in tokens. This figure comprises 3.45 billion MEME tokens valued at over $88 million, which will be airdropped to participants. Advisors and investors will receive the remaining tokens, amounting to $26.6 million and $21.33 million, respectively.

The second week of May will witness Aptos (APT) taking the lead in token unlocks. On May 12, the project will release an additional 2.65% of its circulating supply, representing 11.31 million APT tokens valued at approximately $101 million. Aptos has recently established partnerships with major platforms like Microsoft to advance its Aptos Ascend program.

Arbitrum (ARB), the project behind the recently introduced Bounded Liquidity Delay (BOLD) on its testnet, will distribute 2.65 billion tokens into circulation on May 16. The current market value of these tokens is estimated at approximately $97 million.

Pyth Network, however, holds the most significant token unlock schedule in May. On May 20, the project will release 2.13 billion PYTH tokens, six months after its launch in November. These unlocked tokens will compensate ecosystem participants, protocol developers, and early backers.

The unlock will substantially increase PYTH's circulating supply, more than doubling the current 1.5 billion tokens in circulation. At press time, the upcoming 2.13 billion PYTH tokens are valued at approximately $1.24 billion. The influx of unlocked tokens introduces potential market dynamics and price fluctuations to the affected crypto projects and the broader cryptocurrency market.