The crypto world is gearing up for a busy May, as several major projects prepare to release a significant chunk of their token supply into the market.

Several major crypto projects are set to unlock a significant chunk of their token supply in May, potentially bringing billions of dollars worth of tokens into circulation.

From WhiteBIT and Sui to Aptos and Starknet, a wave of token unlocks is coming — and it could shake up prices and investor sentiment across the board.

Let’s take a closer look at what’s unlocking, when it’s happening, and how much each project is about to put into circulation.

WhiteBIT Coin (WBT)

WhiteBIT will unlock 39.49 million WBT on May 13, which is 12.1% of the total supply and amounts to approximately $1.16 billion at current prices. This unlock alone makes up 27.4% of the project’s market cap.

Currently, 69.7% of the total WBT supply is unlocked, translating to 318.46 million tokens valued at around $9.37 billion. The token is trading at $29.44, with a slight uptick of 0.85% at the time of writing.

The unlock is primarily allocated to WhiteBIT Funds, which are set to receive the full 39.49 million tokens in this round.

Sui (SUI)

Sui will release 88.34 million tokens on May 1, which is 0.88% of its total supply and has an estimated value of $319.37 million or 2.72% of its market cap.

The tokens will be distributed across several categories: Community Reserves will receive 42.62 million SUI, while Stake Subsidies will receive 14.35 million.

Currently, 32.5% of the supply is unlocked (around 3.25 billion tokens), valued at $11.7 billion. The remaining 33.4% — roughly 3.34 billion tokens — is still to be unlocked.

PYTH Network (PYTH)

PYTH is preparing for a major release on May 20, unlocking 2.13 billion PYTH tokens, which accounts for 21.3% of its total supply and represents a hefty 58.6% of its market cap — about $340.37 million in value.

These tokens are primarily allocated to Ecosystem Growth (1.13 billion tokens) and Publisher Rewards (537.53 million tokens).

Currently, 36.2% of the total supply — or 5.75 billion PYTH — is already unlocked, valued at $920.96 million. The current token price is $0.160, up slightly by 0.57%.

Aptos (APT)

Aptos will unlock 11.31 million tokens on May 12, making up 0.98% of its total supply. That’s roughly $63.3 million, or 1.83% of the market cap.

The tokens will go to Community allocations (3.21 million) and Core Contributors (3.96 million), with two more rounds scheduled.

So far, 41.4% of the supply — about 476.01 million APT — is unlocked, worth $2.66 billion. The current price is $5.60, seeing a mild increase of 0.23%.

Ethena (ENA)

On May 2025 (date unspecified), Ethena will unlock 94.19 million ENA tokens, or 0.63% of total supply, valued at $31.9 million, which is 1.69% of its market cap.

Of these, Ecosystem Incentives will receive 53.55 million tokens and the Foundation will receive 40.64 million.

Currently, 37.3% of ENA — about 5.69 billion tokens — is unlocked, valued at $1.93 billion. ENA is trading at $0.339, although it saw a 5.33% dip recently.

Polyhedra Network (ZKJ)

Polyhedra is also set for a sizable unlock on May 19, releasing 15.5 million tokens, which is 1.55% of total supply, and worth around $33.25 million — a significant 25.7% of the project’s market cap.

These tokens will primarily fund Ecosystem & Network Incentives (8.47 million) and Community, Airdrop, and Marketing (2.61 million).

To date, 29.2% of ZKJ — or 307.94 million tokens — are unlocked