Highlights
- Tokens worth over $1.535 billion face one-time or accelerated unlocks over the next month, according to data from Tokenomist cited by Wu Blockchain.
- One-time unlocks above $10 million hit HYPE, XPL, ENA, ZRO, H, CARDS and ARB; linear monthly unlocks above $10 million continue for RAIN, SOL, CC, TRUMP and ZEC, among others.
- Plasma's XPL is the standout risk: roughly 1.81 billion tokens, about 65% of current circulating supply, unlock in a single day on September 25.
- Hyperliquid's HYPE faces an $824 million founder and team unlock on September 6, equal to about 4.46% of circulating supply.
Crypto markets are bracing for a heavy stretch of token supply expansion. According to data from Tokenomist compiled by Wu Blockchain, tokens worth more than $1.535 billion face significant unlock events over the coming month, spanning both one-time cliff releases and ongoing linear vesting schedules. Wu Blockchain sourced the figures directly from Tokenomist's unlock tracking platform, which aggregates vesting schedules across major token projects.
The list of one-time unlocks exceeding $10 million includes HYPE, XPL, ENA, ZRO, H, CARDS and ARB, while tokens on continuous linear unlock schedules releasing more than $10 million per month include RAIN, SOL, CC, TRUMP and ZEC. The mix spans everything from Layer-1 infrastructure tokens to meme-adjacent and DeFi assets, meaning the supply pressure isn't concentrated in a single sector.
Plasma's XPL Carries the Biggest Single-Day Risk
The most dramatic release on the calendar belongs to Plasma. Per CryptoRank's tracking, Plasma's one-year lock-up for team and investor allocations expires on September 25, freeing 1,805,555,556 XPL in a single day — approximately 65% of the token's current circulating supply. A release of that scale relative to existing float is unusual even by crypto's standards for unlock cliffs, and it gives XPL holders a hard date to watch for potential sell pressure.
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Hyperliquid's HYPE carries the largest dollar figure among near-term single unlocks: an $824 million founder and team release lands on September 6, equal to roughly 4.46% of circulating supply. Whether Hyperliquid's team claims the full scheduled amount is itself a variable — the project has in prior unlock events claimed only a fraction of what was technically available, a pattern the market will be watching to see repeated.
Ethena's Unlock Lands Mid-Governance Vote
Ethena's ENA faces a comparatively modest $34 million unlock split across September 2 and 5, but the timing is notable: it lands in the middle of a governance vote on a tokenomics overhaul that would end monthly VC token unlocks after October 5 and route a rising share of protocol revenue into ENA buybacks once USDe's supply reaches $7.5 billion. Arbitrum's ARB, meanwhile, has roughly 92.65 million ARB (about $41.2 million) unlocking within the coming week, equal to roughly 2.14% of released supply.
What to Watch Next
September 6 and September 25 are the two dates carrying the most concentrated risk — HYPE's founder unlock and XPL's supply-doubling cliff, respectively. Traders positioned in either token will be watching on-chain wallet activity in the days beforehand for early signs of pre-unlock selling, as well as whether project teams signal any voluntary lock-up extensions, a tactic several projects have used in the past to soften the market impact of a large scheduled release.
FAQ
Which tokens have the largest unlocks in the next month?
HYPE, XPL, ENA, ZRO, H, CARDS and ARB all have one-time unlocks exceeding $10 million, with XPL's roughly 65%-of-supply release on September 25 and HYPE's $824 million unlock on September 6 the two largest single events.
Why is Plasma's XPL unlock considered high-risk?
Because 1.81 billion XPL — about 65% of the token's current circulating supply — unlocks on a single day, September 25, a scale of supply expansion far larger than most comparable token releases.
Does Hyperliquid always release its full scheduled HYPE unlock?
Not necessarily. In prior unlock events, Hyperliquid's team has claimed only a fraction of the amount technically available, and the market is watching whether that pattern repeats for the September 6 release.
What's notable about Ethena's ENA unlock timing?
The $34 million unlock lands in the middle of a governance vote on a tokenomics overhaul that would end monthly VC unlocks after October 5 and direct more protocol revenue toward ENA buybacks.
