Weekly Token Unlocks: HYPE Unlocks Tokens Worth Approximately $320 Million

marsbitPublished on 2026-01-04Last updated on 2026-01-04

Abstract

This week's major token unlocks feature significant releases from Hyperliquid and Ethena. Hyperliquid, a high-performance blockchain aiming to build a fully on-chain open financial system, will unlock 12.49 million tokens, valued at approximately $320 million. Ethena Labs, the creator of the algorithmic stablecoin USDe, will unlock 170 million tokens, worth roughly $42.91 million. USDe maintains its peg by utilizing collateral in BTC and stETH, generating yield from staking rewards and funding rates from short perpetual futures positions. Both projects have provided their specific token release schedules.

Hyperliquid

Project Twitter: https://x.com/HyperliquidX

Project Website: https://hyperfoundation.org/

This Unlock Amount: 12.49 million tokens

This Unlock Value: Approximately $320 million

Hyperliquid is a high-performance blockchain built with the vision of creating a fully on-chain open financial system. Liquidity, user applications, and trading activities synergize on a unified platform, aiming to accommodate all financial operations.

Specific release curve is as follows:

Ethena

Project Twitter: https://x.com/ethena_labs

Project Website: https://www.ethena.fi/

This Unlock Amount: 170 million tokens

This Unlock Value: Approximately $42.91 million

The algorithmic stablecoin USDe, launched by Ethena Labs, currently relies on collateral such as BTC and stETH, along with their inherent yields. It simultaneously creates Bitcoin and ETH short positions to balance Delta and utilizes perpetual/futures funding rates to maintain the peg and provide yields. Essentially, it uses the yield from spot positions to hedge the losses from the one-time short positions, achieving balance while capturing ETH staking yields and short position funding rates.

Specific release curve is as follows:

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