Connex, Avalanche, Arbitrum to unlock tokens May 12-16

Connex, Avalanche and Arbitrum will release scheduled token allotments into the market between May 12 and May 16, with the total value of those unlocks and other projects exceeding $737.7 million. The releases will add to each token’s circulating supply.

Connex will release 1.32 million CONX on May 15. That amount is about 1.49% of its released supply of 88.6 million, moving toward a 100 million total supply. The unlocked CONX is valued at roughly $17.95 million. The project will allocate approximately 822,500 CONX to the ecosystem and transfer 500,000 CONX to the community treasury. Connex positions itself as a permissionless Web3 professional network that uses CONX for payments and governance.

Avalanche will unlock 1.67 million AVAX on May 12, adding tokens valued at about $17 million. The unlocked supply represents roughly 0.31% of Avalanche’s released supply of 536.9 million, against a total supply of 720 million AVAX. The Avalanche Foundation is set to receive the entire unlocked allotment. Avalanche operates as a Layer-1 blockchain with a three-chain architecture designed for higher throughput.

Arbitrum’s scheduled release on May 16 is the largest by token count: 92.65 million ARB, worth about $13.36 million. That release equals 1.71% of Arbitrum’s released supply of 5.41 billion, within a 10 billion total supply. Of the unlocked ARB, 56.13 million are earmarked for current and future team members and advisors, while 36.52 million will go to investors. Arbitrum functions as an Ethereum layer-2 scaling solution using optimistic rollup technology.

Other projects with scheduled unlocks that week include Aptos, Cheelee and Starknet. The full set of planned releases across projects that week totals more than $737.7 million in tokens slated for release.