HYPE, ENA and RED Token Unlocks Set for First Week of May
Hyperliquid will release 422,000 HYPE ($17.5M) on May 6; Ethena will release 171.88M ENA ($17.28M) on May 5; RedStone will release 40.85M RED ($5.54M).
Three crypto projects will add new token supply in the first week of May 2025. Hyperliquid, Ethena and RedStone each have scheduled unlock dates that specify amounts, recipient groups and the portion of existing released supply affected.
Hyperliquid will unlock 422,000 HYPE on May 6, valued at about $17.5 million. The project’s released supply stands at 425.24 million HYPE of a 1 billion HYPE total supply; the forthcoming release equals roughly 0.18 percent of the released supply. The team has allocated the unlocked tokens to core contributors. Hyperliquid operates a decentralized perpetual futures exchange on its own Layer-1 blockchain and offers on-chain order books, low-latency trading and sub-second transaction finality.
Ethena will release 171.88 million ENA on May 5, a tranche worth about $17.28 million. Ethena’s released supply is 8.09 billion ENA out of a 15 billion total supply, and the unlock represents about 2.12 percent of the released supply. The protocol will distribute 93.75 million ENA to core contributors and 78.13 million ENA to investors. Ethena is an Ethereum-based synthetic dollar protocol; its primary product is USDe, a synthetic dollar stablecoin, and ENA serves as the protocol governance token.
RedStone will add 40.85 million RED to circulation on May 6, valued at roughly $5.54 million. RedStone’s released supply is 334.94 million RED of a 1 billion RED total supply; the unlocked amount equals about 12.2 percent of the released supply. The release will be split among early backers (26.42 million RED), core contributors (5.56 million RED), ecosystem and data providers (5.54 million RED), and protocol development (3.33 million RED). RedStone provides a modular oracle service that delivers real-time external data to smart contracts and decentralized finance applications across multiple blockchains.
The three unlocks are part of a larger schedule of token releases in the first week of May that totals about $621.4 million. Other projects with scheduled supply entering the market that week include Space and Time (SXT), Opinion (OPN) and BounceBit (BB).
Records show Hyperliquid has historically claimed fewer tokens than projected unlock amounts. Each release lists allocations by recipient group, which determine who receives newly released tokens and how those tokens are distributed into secondary markets.
