The cryptocurrency market is entering a critical phase as multiple high-profile projects prepare for significant token unlocks over the coming months. With major players like Solana, Yuga Labs, and Optimism scheduled to release large volumes of previously locked tokens, investors are closely watching how these events could influence price stability and market sentiment—especially in the current bearish environment.
This article analyzes 15 mainstream crypto projects facing substantial token unlocks in 2025, examining key metrics such as unlock volume, timing, estimated value, and impact on circulating supply. We’ll also explore different unlock mechanisms—from cliff releases to linear vesting—and assess their potential effects on token holders and market dynamics.
Solana (SOL): Massive Unlock, But Limited Immediate Impact
Among all upcoming unlocks, Solana (SOL) stands out due to its unique circumstances. According to data from Solana Compass, approximately 21.3 million SOL will be unlocked this year—representing about 4% of total supply and worth an estimated $270 million at current prices.
However, not all of these tokens will enter circulation immediately. A significant portion—around 48.13 million locked SOL—is held in wallets associated with Alameda Research, accounting for 66.1% of all locked tokens. Since Alameda remains under bankruptcy proceedings, these assets are unlikely to be transferred or sold until legal and liquidation processes conclude.
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This situation creates a buffer against sudden sell pressure, despite the large unlock volume. For investors, this means that while SOL faces structural supply changes, the immediate risk of dumping may be lower than it initially appears.
Cliff Unlocks: Sudden Supply Shocks
Some projects release large portions of their token supply all at once—a model known as a cliff unlock. These events can significantly increase circulating supply overnight and often lead to downward price pressure if recipients decide to sell.
The Sandbox (SAND): 350 Million Tokens Released at Once
One of the most notable cliff unlocks involves The Sandbox (SAND), which released 350 million tokens on February 14, equivalent to 11.6% of its current circulating supply. This single event dramatically increased available tokens in the market.
Despite the magnitude of this release, SAND’s next unlock isn’t scheduled until August, meaning no additional supply will enter circulation for at least six months. This pause could provide time for demand to absorb the new supply—if market conditions improve.
1INCH: Another High-Impact Cliff Release
Similarly, 1INCH underwent a major cliff unlock at the end of December when over 200 million tokens were released. Although the 1inch Foundation distributed these tokens to investor and team addresses ahead of time (starting December 7), the aftermath showed a clear trend: 1INCH prices declined steadily after distribution, falling from around $0.47 to $0.39.
While broader market volatility contributed to the drop, the timing suggests that unlock-related selling likely played a role.
Linear Vesting: Slow Burn with Long-Term Impact
While cliff unlocks grab headlines, linear vesting schedules—where tokens are released gradually over time—can have equally significant long-term effects. Though each individual release may seem small, cumulative issuance can substantially dilute scarcity.
Glimmer (GLMR): Monthly Releases Add Up
Take Glimmer (GLMR) as an example. In its latest unlock, approximately 46 million GLMR tokens were released—about 4.6% of current circulation. But unlike one-time events, GLMR follows a monthly linear vesting schedule.
By the end of 2025, an additional 250 million GLMR tokens will have entered circulation, increasing total supply by over one-third. This steady influx requires ongoing demand growth just to maintain price levels—a challenge in stagnant markets.
Other Projects with Ongoing Linear Releases
Similar models apply to several other major projects:
- ApeCoin (APE)
- Bitcoin Tokenized (BIT)
- Aptos (APT)
- X2Y2
- LooksRare (LOOKS)
For investors, these projects require careful monitoring—not because of any single unlock event, but due to the compounding effect of continuous supply growth.
Complex Unlock Patterns: Watch for Accelerations
Some projects follow non-standard unlock curves, making predictions more difficult. These "hybrid" models combine elements of cliff and linear releases, sometimes accelerating vesting speeds unexpectedly.
DYDX: Small Initial Unlock, Then a Surge
dYdX (DYDX) recently unlocked only 0.6% of circulating supply, but starting in February, it will release approximately 145 million tokens allocated to investors and team members—equivalent to 60% of current circulation. This sudden spike could exert strong downward pressure unless offset by robust trading volume or buy-side interest.
Optimism (OP): June’s Big Moment
Optimism (OP) also features a staggered model. While regular monthly releases occur, a major unlock is expected in June, when 15.5 million OP tokens will be freed. Given OP’s role in the Layer 2 ecosystem, this event could influence both its price and broader sentiment toward Ethereum scaling solutions.
AXS and RON: Phased but Concentrated Releases
- Axie Infinity (AXS) had a minor unlock of 4.88 million tokens at the end of January, followed by two larger releases totaling 23 million tokens between late March and April.
- Ronin (RON) historically followed a stable monthly release pattern but has now sharply increased its unlock speed beginning in February.
- GMT (STEPN) shows a similar trend, with accelerated linear unlocks starting in March.
These shifts suggest project teams may be adjusting tokenomics in response to market conditions or development timelines.
How Should Investors Respond?
Token unlocks present both risks and opportunities:
- Bearish pressure: Increased supply without matching demand typically leads to price declines.
- Market manipulation signals: On February 1st, a dormant SAND wallet transferred 21.6 million tokens (worth over $10 million) to Binance—two years after its last activity. Historical patterns show this address previously moved tokens during early unlock phases, suggesting possible coordination with official releases.
- Proactive mitigation strategies: Some projects take steps to reduce sell pressure. For example, after 37.5 million LOOKS tokens were unlocked on January 2nd (3.75% of total supply), the LooksRare team immediately staked 25 million tokens (team allocation) and 12.5 million (treasury), effectively removing them from circulation.
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Still, in a bear market, large unlocks remain concerning for holders. Decisions around whether to sell, hold long-term, stake, or hedge depend on individual cost basis, confidence in project fundamentals, and risk tolerance.
Frequently Asked Questions (FAQ)
What is a token unlock?
A token unlock refers to the moment when previously restricted or vested tokens become eligible for transfer or sale. These tokens are often allocated to team members, early investors, foundations, or ecosystem funds during project launch.
Why do token unlocks affect price?
Unlocks increase circulating supply. If recipients sell their newly available tokens and demand doesn’t keep pace, prices tend to drop due to oversupply.
Are all token unlocks bad for investors?
Not necessarily. While large or poorly timed unlocks can cause short-term dips, they’re often factored into market expectations. Transparent vesting schedules and responsible management—like staking or gradual releases—can mitigate negative impacts.
How can I track upcoming token unlocks?
Several blockchain analytics platforms provide real-time unlock calendars, showing dates, volumes, percentages of circulating supply, and recipient categories (e.g., team vs. investors).
What’s the difference between cliff and linear vesting?
- Cliff vesting: All tokens are released at once after a set period.
- Linear vesting: Tokens are released gradually over time (e.g., monthly).
Cliff unlocks create sudden supply shocks; linear unlocks apply sustained pressure.
Can projects prevent sell-offs after unlocks?
Yes. Some teams use strategies like automatic staking (as seen with LOOKS), lock-up extensions, or public commitments not to sell immediately. However, enforcement varies.
Final Thoughts
As we move through 2025, the wave of token unlocks across major crypto projects will continue shaping market dynamics. From Solana’s legally constrained holdings to The Sandbox’s massive cliff release and Glimmer’s relentless monthly emissions, each project presents distinct challenges and insights.
Investors must go beyond surface-level numbers and understand who receives unlocked tokens, how they’re likely to use them, and what safeguards—if any—the project has implemented.
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By combining fundamental analysis with awareness of tokenomics events, traders and long-term holders alike can better navigate this complex landscape—and potentially turn volatility into opportunity.
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