Weekly Token Unlocks: HYPE to Unlock Tokens Worth Approximately $320 Million
- Core Viewpoint: Hyperliquid and Ethena Labs are set to conduct large-scale token unlocks.
- Key Elements:
- Hyperliquid to unlock 12.49 million tokens, worth approximately $320 million.
- Ethena to unlock 170 million USDe, worth approximately $42.91 million.
- Ethena's USDe maintains stability through spot and derivatives hedging.
- Market Impact: May exert short-term selling pressure on the prices of related tokens.
- Timeliness Note: Short-term impact
Hyperliquid
Project Twitter: https://x.com/HyperliquidX
Project Website: https://hyperfoundation.org/
This Unlock Amount: 12.49 million tokens
This Unlock Value: Approximately $320 million
Hyperliquid is a high-performance blockchain built with the vision of creating a fully on-chain, open financial system. Liquidity, user applications, and trading activities synergize on a unified platform designed to accommodate all financial activities.
The specific release schedule is as follows:
Ethena
Project Twitter: https://x.com/ethena_labs
Project Website: https://www.ethena.fi/
This Unlock Amount: 170 million tokens
This Unlock Value: Approximately $42.91 million
The algorithmic stablecoin USDe, launched by Ethena Labs, currently relies on collateral such as BTC and stETH along with their inherent yield. It simultaneously creates short positions in Bitcoin and ETH to delta hedge and utilizes perpetual/ futures funding rates to maintain its peg and provide yield. Essentially, it uses the yield from the spot holdings to offset the losses from the equivalent short positions, achieving balance while capturing ETH staking rewards and funding rates from the short positions.
The specific release schedule is as follows:
