Top 3 Token Unlocks to Watch in Early May 2026 Crypto Calendar

May 5, 2026

The crypto market is welcoming tokens worth around $621.4 million in the first week of May 2026. Major projects that traders are looking forward to are Hyperliquid (HYPE), Athena (ENA), and RedStone (RED), which are set to release significant new token supplies. 

The new token unlocks could bring about market volatility and influence short-term price movements. This article shares the key events to watch. 

Hyperliquid (HYPE) 

    • Token unlock date: May 6 
    • Number of tokens to be unlocked: 422,000 HYPE 
    • Released supply: 425.24 million HYPE
    • Total Supply: 1 billion HYPE 

    Hyperliquid is a high-performance Layer 1 blockchain designed for on-chain finance, featuring a native decentralized exchange (DEX) with high-speed perpetual futures and spot trading. 

    It utilizes the custom HyperBFT consensus, supporting 200k orders per second with one-block finality. The native token HYPE secures the network and supports governance. 

    On May 6, the team will unlock 422,000 HYPE worth $17.5 million. The tokens account for 0.18% of the released supply. The team allocated the unlocked supply to core contributors. Tokenomics pointed out that HYPE has only claimed far fewer tokens than its projected unlock amounts. 

    Ethena (ENA) 

      • Unlock Date: May 5 
      • Number of tokens to be unlocked: 171.88 million ENA
      • Released supply: 8.09 billion ENA 
      • Total supply: 15 billion ENA 

      Ethena (ENA) is a governance token for the Ethena protocol, a DeFi platform on Ethereum that features a synthetic dollar, USDe, designed as a crypto native, non-bank-dependent stablecoin. It utilizes a delta-neutral hedging strategy to maintain its peg using crypto assets, providing stability and potential rewards. 

      ENA holders can vote on proposals and participate in the management of the protocol through a decentralized autonomous organization (DAO). The team will release 171.88 million ENA tokens on May 5. The tokens are worth $17.28 million, accounting for 2.21% of the released supply. 

      Ethena will award the 93.75 million tokens to core contributors. In addition, the investors will receive 78.13 million ENA. 

      RedStone (RED) 

        • Unlock date: May 6 
        • Number of tokens to be unlocked: 40.85 million RED tokens 
        • Released supply: 334.94 million RED
        • Total supply: 1 billion RED 

        RedStone (RED) is a modular oracle network providing fast, cost-efficient data fees to DeFi and Web3 applications. It serves over 1,300 assets across 100+ blockchains, specializing in delivering real-time, tamper-proof financial data via a secure decentralized architecture. 

        The team will release 40.85 million tokens on May 6. The tokens are worth $5.54 million. They account for 12.2% of the released supply. The team will split the unlocked supply four ways. Early backers will receive 26.42 million tokens. Core contributors will receive 5.56 million RED. Additionally, the team will allocate 5.54 million altcoins to the ecosystem and data providers. Lastly, it will offer 3.33 million tokens towards protocol development. 

        Other projects like Space and Time (SXT), Opinion (OPN), and BounceBit (BB) will also see new supply entering the market in the first week of May. 

        Also Read: Hyperliquid Goes Live with Prediction Market on Mainnet: Features, Impact, and Overview