Weekly Token Unlocks: HYPE Unlocks Tokens Worth Approximately $300 Million

marsbitPublished on 2026-02-01Last updated on 2026-02-01

Abstract

Weekly Token Unlock Report: HYPE and ENA Lead Major Releases This week sees significant token unlocks from two major projects. Hyperliquid (HYPE) is set to release 9.92 million tokens, valued at approximately $300 million. Hyperliquid is a high-performance blockchain aiming to build a fully on-chain, open financial system. Additionally, Ethena (ENA) will unlock 212 million tokens, worth around $31.06 million. Ethena Labs is the issuer of the USDe algorithmic stablecoin, which uses a mechanism involving collateral in BTC and stETH, along with short perpetual futures positions, to maintain its peg and generate yield. Both projects have provided their specific release schedules as shown in the accompanying charts.

Hyperliquid

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

Project Website: https://hyperfoundation.org/

This Unlock Amount: 9.92 million tokens

This Unlock Value: Approximately $300 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.

The specific release curve is as follows:

Ethena

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

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

This Unlock Amount: 212 million tokens

This Unlock Value: Approximately $31.06 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 the long spot position to hedge against the losses from the equivalent short position, achieving balance while capturing ETH staking rewards and the funding rate from the short position.

The specific release curve is as follows:

Related Questions

QWhat is the total value of tokens unlocked by Hyperliquid this week?

AApproximately $300 million worth of tokens.

QHow many HYPE tokens were unlocked by Hyperliquid?

A9.92 million tokens.

QWhat is the purpose of the Hyperliquid blockchain?

ATo build a fully on-chain open financial system that unifies liquidity, user applications, and trading activity on a single platform to accommodate all financial businesses.

QHow many ENA tokens were unlocked by Ethena this week?

A212 million tokens.

QWhat is the mechanism behind Ethena Labs' USDe stablecoin?

AUSDe is an algorithmic stablecoin that uses collateral in BTC and stETH, creates short positions in Bitcoin and ETH to balance Delta, and utilizes perpetual/futures funding rates to maintain its peg and provide yield.

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