About $1.5 billion in crypto tokens are set to unlock in the first week of September, with Hyperliquid’s $797 million HYPE release on Sept. 6 dwarfing the combined output of every other project on the calendar.
The unlocks span several major DeFi and layer-1 projects, including Hyperliquid, Sui, and Ethena. They are allocated to core contributors, treasuries, and foundations, and they increase short-term dilution risk at a time when the broader market is already under pressure from rising rate-hike odds and a risk-off session that saw bitcoin fall 1.67% on Sept. 1.
DeFi tokens diverged sharply from the broader market on Sept. 2. Uniswap rose 11.2% to $6.32 on $1.28 billion in volume, making it the day’s biggest large-cap gainer. The catalyst was rising activity on Robinhood Chain, where Uniswap versions 2, 3, 4, and UniswapX were deployed. More than $300,000 of UNI was burned over ten days, supporting the supply-reduction narrative, though no new governance vote was identified as the direct trigger.
Filecoin gained 14.9% to $0.79 on $498 million in volume, though no fresh protocol announcement was found to explain the move. Aave advanced 6.2% to $133 after Aave Labs submitted a proposal to onboard USDe to the Aave V4 Core Instance on Avalanche.
Hyperliquid: $797 Million on Sept. 6
Hyperliquid leads the unlock calendar with a projected release of 9.92 million HYPE tokens worth approximately $797 million on Sept. 6. The tokens are allocated to core contributors, according to Tokenomist, and represent 2.37% of the currently released supply of 464.91 million HYPE.
Total supply for the project stands at 1 billion HYPE, meaning the unlock represents roughly 1% of the full token count. Tokenomist noted that Hyperliquid has historically claimed far fewer tokens than its projected unlock amounts, which could soften the actual impact on circulating supply.
Hyperliquid operates a leading decentralized perpetual futures exchange built on its own layer-1 blockchain. It offers high-performance trading with low latency, on-chain order books, and sub-second transaction finality. The project has attracted significant trading volume and institutional interest since its launch, with its native token trading near $80.
The $797 million figure is a long-range estimate based on current token prices. If HYPE’s price moves significantly before Sept. 6, the dollar value of the unlock will shift accordingly. Core contributor unlocks are typically subject to vesting schedules, meaning the tokens may not all hit the market on a single day.
Sui: $9.73 Million on Sept. 1
Sui released 13.53 million SUI tokens worth $9.73 million on Sept. 1, continuing its trend of cliff unlocks at the beginning of each month. The tokens were split three ways: 7.47 million to early contributors, 4 million to the community reserve, and 2.07 million to the Mysten Labs treasury. The unlock represents 0.33% of the current released supply of 4.08 billion SUI, with a total supply cap of 10 billion.
Sui is a high-performance blockchain designed for scalability and low latency, using an object-centric data model and the Move programming language. The monthly cliff unlock pattern means SUI holders face recurring dilution pressure at predictable intervals.
Ethena: $6.05 Million on Sept. 2
Ethena followed on Sept. 2 with 40.63 million ENA tokens worth $6.05 million, allocated entirely to the Ethena Foundation. The tokens account for 0.46% of the released supply of 8.9 billion ENA, with a total supply of 15 billion.
The unlock coincided with the launch of Ethena Pay, the project’s neobank app, on iOS. The app went live with 400 beta users, Avalanche settlement, and a 6% yield on stablecoin savings. ENA jumped 9% on the day, suggesting the product launch may have provided enough buying interest to absorb the new supply.
Why Unlocks Matter for DeFi Tokens
Token unlocks increase the circulating supply of a project’s native token. When new supply hits the market, holders who received tokens through vesting schedules or contributor allocations may sell to realize gains, creating downward price pressure.
The risk is amplified when multiple large unlocks cluster in a short period. The $1.5 billion in first-week unlocks comes at a time when the crypto market is already navigating headwinds. Bitcoin fell 1.67% to $77,593 on Sept. 1, while ether dropped 2.32% to $2,419. Fed rate hike odds climbed to about 66% ahead of the September FOMC meeting.
Open interest data shows the market was already deleveraging. Bitcoin futures recorded $77.08 million in liquidations, including $70.52 million from longs. A single $52.86 million liquidation event at 16:00 UTC on Sept. 1 represented roughly 68.6% of the daily total. Despite the selling, open interest declined only $167.45 million, or 0.31%, to $53.96 billion, suggesting the deleveraging was orderly rather than a capitulation.
| Project | Date | Tokens | Value | % of Released Supply |
|---|---|---|---|---|
| Hyperliquid (HYPE) | Sept. 6 | 9.92M | $797M | 2.37% |
| Sui (SUI) | Sept. 1 | 13.53M | $9.73M | 0.33% |
| Ethena (ENA) | Sept. 2 | 40.63M | $6.05M | 0.46% |
Traders who track token unlock calendars often position ahead of large releases, which can amplify selling pressure in the days leading up to the event. The Hyperliquid unlock on Sept. 6 is the one most likely to move markets, given its size relative to the other releases.
The U.S. jobs report due Sept. 3 is the next major catalyst for the broader crypto market. Strong employment data could reinforce rate-hike expectations and add to the risk-off tone, while a weaker-than-expected report could ease pressure on risk assets including crypto. Bitcoin open interest stood at $53.96 billion and ether at $32.70 billion heading into the data release.
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