Weekly Token Unlocks: ENA Unlocks Approximately $17 Million in Tokens
2026-05-03 13:07
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Project unlocks are also taking a break for Labor Day; only two large-cap projects have unlocks this week.
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- Core Viewpoint: Both Ethena and Hyperliquid have recently conducted large-scale token unlocks, involving 170 million tokens (approximately $17.25 million) and 420,000 tokens (approximately $17.29 million), respectively, which could significantly impact market supply and the projects' ecosystems.
- Key Elements:
- Ethena's USDe algorithmic stablecoin mechanism: Uses BTC and stETH as collateral while creating an equivalent short position to hedge delta, capturing yield from spot and perpetual contract funding rates to maintain the peg and generate profit.
- Ethena's current unlock releases 170 million tokens, valued at approximately $17.25 million. The potential impact on secondary market liquidity and token price warrants attention.
- Hyperliquid is positioned as a high-performance public chain, aiming to build a fully on-chain open financial system that integrates liquidity, user applications, and trading activities on a unified platform.
- Hyperliquid currently unlocks 420,000 tokens, valued at approximately $17.29 million. While the unlock value is similar to Ethena's, the significant difference in token quantity reflects their distinct token economic models and unit values.
Ethena
專案推特：https://x.com/ethena_labs
本次解鎖數量：1.7億枚
本次解鎖金額：約1725萬美元
Ethena Labs 推出的算法穩定幣 USDe 目前依靠抵押物 BTC、stETH 及其固有收益，同時建立比特幣和 ETH 空頭部位以平衡 Delta，並利用永續/期貨資金費率來維持錨定並提供收益。即用現貨的收益，對沖一倍空單的虧損，以此達到平衡，但卻可以收取 ETH 質押收益以及空單資金費率。
具體釋放曲線如下：
Hyperliquid
專案推特：https://x.com/HyperliquidX
專案官網：https://hyperfoundation.org/
本次解鎖數量：42萬枚
本次解鎖金額：約1729萬美元
Hyperliquid 是一條高效能區塊鏈，其建構願景是打造一個完全鏈上的開放式金融系統。流動性、用戶應用和交易活動在一個統一的平台上協同作用，旨在容納所有金融業務。
具體釋放曲線如下：
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