Token Unlocks Top $1.9 Billion in October: Which Ones Matter

• Thirty-two tokens have releases above $10 million each scheduled over the next month.
• RAIN, HYPE and SOL make up about half of the total dollar value.
• Unlocked tokens become transferable, which is not the same as being sold.
• Share of circulating supply and recipient type say more than the dollar figure.

Token unlocks worth more than $1.913 billion are scheduled over roughly the next month, according to an October 3 snapshot from the vesting tracker Tokenomist, which lists 32 assets with releases above $10 million each. Thirteen of them are one-time cliff events, led by Hyperliquid’s HYPE, and 19 are linear releases that reach the market gradually, led by RAIN and Solana. The figure measures how many previously restricted tokens become transferable, not how many will be sold, and the gap between those two numbers differs sharply from one project to the next.

RAIN, HYPE and SOL account for $968 million of the $1.9 billion

The three largest releases add up to about $968.3 million, or 50.6% of the total, although 32 assets appear on the list. The remaining 29 tokens share the other half, and most of them fall below $50 million each.

Largest scheduled releases over the next month

Linear Cliff

RAIN$404.6M HYPE$331.7M SOL$232M CC$101.6M BTW$100.8M ZRO~$45M ENA~$40-50M SUI~$25-27M ARB~$18-21M

Source: Tokenomist snapshot, October 3

The release type changes how each figure should be read. Solana’s $232 million does not arrive on a single date: Tokenomist’s live dashboard shows about $7.52 million of SOL released per day, which adds up to roughly $226 million over 30 days. HYPE’s $331.7 million, by contrast, becomes transferable in one event.

HYPE fell 14% after one unlock and gained 1% after another

Hyperliquid’s cliff is the largest single-date event in the snapshot. Tokenomics.com models the schedule differently and lists monthly releases of about 14.18 million HYPE on the 29th of June, July, August and September, with the next due on October 29. Tokenomist has also reported that only a small fraction of scheduled HYPE unlocks has historically been claimed into circulation. HYPE has a maximum supply of 1 billion tokens. Tokenomics.com puts about 465.8 million still under vesting and roughly 222.4 million in circulation, with a further 311.7 million unlocked but not circulating.

The same database tracks the worst price move in the 14 days after each earlier release. The results range from a 14.1% decline in May and 12.6% in March to a 1% gain in June, with July at -7% and August at -3%. Broader market moves and Hyperliquid-specific news fell inside the same windows, so the data cannot isolate the effect of the unlocks themselves.

RAIN sends 37 billion tokens out on October 10, a third to private investors

RAIN draws less attention than HYPE but exceeds it in dollar terms. Tokenomics.com lists an October 10 release of 37.23 billion RAIN, about 3.2% of the 1.15 trillion total supply and 5.2% of market capitalization at the captured price. Private investors receive 34.8% of it, the community 34.5%, insiders 29% and public investors 1.7%. Identical releases took place on the 10th of July, August and September, and by late September about 62.6% of the vesting schedule had already been completed.

Why a $20 million APR cliff weighs more than Arbitrum’s 92 million tokens

An unlock removes a transfer restriction. What recipients do afterwards depends on who they are, how liquid the market is and whether the protocol is buying tokens at the same time, which is why the share of supply is a more useful measure than the dollar amount.

Release size relative to supply

APR – of adjusted unlocked supply46.67% TRUMP – of circulating supply9.94% SN51 – of circulating supply8.17% RAIN – of circulating supply5.74% ARB – of maximum supplyunder 1% SUI – of market cap0.6%

Sources: Tokenomist, Tokenomics.com, DefiLlama. Each tracker uses its own base metric.

APR’s cliff is worth only about $20 million, yet it equals 46.67% of the token’s adjusted unlocked supply in Tokenomist’s data. Sui’s 23.4 million SUI release, worth about $27.2 million, is 0.6% of market cap. Arbitrum’s 92.65 million ARB, split between 56.13 million for team and advisors and 36.52 million for investors, is under 1% of maximum supply.

LayerZero investors kept 63.8% of the ZRO they received

LayerZero has published figures on what recipients do with unlocked tokens. Its October 20 cliff covers about 23.6 million ZRO, worth around $41.6 million, with 10.63 million going to core contributors and 13 million to strategic partners. The project reported that as of May 31 investors had received 134.7 million unlocked ZRO and still held 85.9 million. It estimated public-market sales at about 4.9 million ZRO per month, roughly 0.5% of total supply. LayerZero entities also spent $112.7 million on ZRO buybacks from September 2025, including 50 million ZRO bought from strategic partners.

ZRO

63.8%

of unlocked investor tokens still held as of May 31

PUMP

16.79%

of original supply burned through revenue-funded buybacks

TRUMP

28.2%

of supply circulating, although about 75% is unlocked

Pump.fun shows the same offset from the burn side. PUMP sits on the linear-unlock list, yet the protocol directs 50% of revenue to open-market purchases that it burns. Its dashboard showed $463.5 million spent and 167.91 billion PUMP destroyed as of September 25.

TRUMP sits at the other end. The October 18 release of 28.7 million tokens, worth about $60.7 million, goes entirely to insiders. Only 28.2% of TRUMP supply circulates, although about 75% is technically unlocked, according to Tokenomics.com.

Six releases fall between October 5 and October 29

Oct 5ENA – final investor release, about 1.41B ENA per Tokenomist research Oct 10RAIN – 37.23B tokens, 3.2% of total supply Oct 18TRUMP – 28.7M tokens, about $60.7M, all to insiders Oct 20ZRO – 23.6M tokens, about $41.6M Oct 25XPL – about 3.5% of market cap Oct 29HYPE – about 14.18M tokens, 1.4% of total supply

DoubleZero and Plasma released their largest tranches before the snapshot

The $1.913 billion figure looks forward from October 3 and therefore excludes events from the preceding days. DoubleZero unlocked about 1.66 billion 2Z on October 2, worth $113-114 million and equal to 47.7% of circulating supply, and started a weekly stream of about 31 million 2Z that runs through 2029. Plasma released about 1.76 billion XPL on September 25, roughly 63.2% of the circulating supply at the time. Its October 25 release is far smaller, at about 3.5%.

What changes from here: Ethena speeds up vesting while Story, 0G and Jupiter slow it

Ethena’s October 5 release is not a routine installment. The Ethena Foundation said on August 27 that it had brought forward the remaining investor allocation into a single event, at a point when Tokenomist shows 67.3% of ENA supply already unlocked. Tokenomist’s research puts that final release at roughly 1.41 billion ENA, well above the $40-50 million shown for ENA in the October 3 snapshot. Other teams are moving the opposite way: Story and 0G extended insider lockups, and Jupiter’s DAO approved a “Net-Zero” proposal in February 2026 that postponed Jupuary and paused Team Reserve emissions indefinitely, after a 3 billion JUP burn in January 2025 cut maximum supply from 10 billion to 7 billion. For investors, a vesting calendar now needs to be checked against governance decisions, because a published schedule can change.

November adds new names to the calendar. Allora (ALLO) has its largest scheduled unlock, equal to 9.7% of market cap, on November 11, according to Tokenomics.com. Huma Finance (HUMA) reaches its first team and investor cliff on November 26 after a six-month extension, while DBR continues quarterly releases and ZRO continues monthly ones. STG holders can also keep converting into ZRO until December 15, 2026, which adds another source of ZRO supply alongside the vesting schedule.

The post Token Unlocks Top $1.9 Billion in October: Which Ones Matter appeared first on ETHNews.