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August Starts With $630 Million in Token Unlocks

Hyperliquid, Succinct, and Ethena account for most of the added supply, while ENA is also linked to the synthetic dollar protocol USDe.

By Zenz van der Wielen
• 2 min read
August Starts With $630 Million in Token Unlocks

Key Takeaways

  • Roughly $630.2 million in fresh token supply is set to enter the crypto market in the first week of August.
  • Hyperliquid, Succinct, and Ethena make up a large share of that amount and may add short-term selling pressure.
  • For European investors, these unlocks matter because they can quickly lift liquidity and draw more attention to altcoins over just a few days.

The crypto market is set to absorb about $630.2 million (€549 million) in new token supply during the first week of August. Hyperliquid, Succinct, and Ethena are the main names to watch, since their unlocks account for a big share of the total and could put some extra pressure on prices in the near term.

Hyperliquid Opens the Week

Hyperliquid is scheduled to unlock 433,000 HYPE on August 6, worth about $22.74 million (€19.8 million). That represents 0.19 percent of the unlocked supply, which totals 454.99 million HYPE out of a maximum supply of 1 billion.

HYPE is Hyperliquid's native utility and governance token. Hyperliquid itself is a Layer 1 blockchain that went live in November 2024. The token is used for gas on HyperEVM, gives holders voting power, and also has a role in staking. According to Tokenomist, the amount actually claimed has historically been much lower than what the scheduled unlocks would suggest. That has also kept the token on the radar of investors looking beyond the short term, including the recent HYPE purchase by a Japanese listed company.

Succinct and Ethena Follow

Succinct will unlock 208.33 million PROVE on August 5, worth $34.7 million (€30.2 million). That is more than the current unlocked supply of 200 million tokens, which makes the release stand out immediately. Succinct divides that supply among ecosystem and research and development, contributors, investors, public allocation and incentives, as well as the Succinct Foundation.

PROVE is the token behind the Succinct Prover Network, a decentralized marketplace for generating and verifying zero-knowledge proofs. Its SP1 zkVM lets developers build provable programs in Rust without having to rely on custom cryptography.

Ethena will also unlock 171.88 million ENA on August 5, worth $15.36 million (€13.4 million). That works out to 1.97 percent of the unlocked supply of 8.73 billion ENA. The tokens are set to go to core contributors and investors.

ENA is Ethena's governance token, and Ethena is a synthetic dollar protocol built on Ethereum. Its main product is USDe, a synthetic dollar stablecoin, which means the unlock is also relevant for investors tracking the stablecoin corner of crypto.

Why This Matters for Europe

For European crypto investors, unlocks like these matter mainly because they can change liquidity conditions in a noticeable way over just a few days. That is especially true for tokens with a fairly concentrated supply or a clear role in governance and staking. In a market that already reacts quickly to shifts between altcoins, a planned supply event like this can attract extra attention from both professional traders and retail investors.

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