即將到來的加密貨幣市場有望成為一個重要的一周

通過使用tokenomist的分類框架來匯總數據，可以揭示。 Incsider令牌約佔此類別的8％，這些代幣是為創始人，早期投資者或核心貢獻者解鎖的代幣。

The upcoming week in the crypto market promises to be a momentous one, with over $1 billion in token unlocks set to take place—this underscores the increasing complication and sophistication of the token economy.

即將到來的加密貨幣市場的一周有望成為一個重要的一周，而代幣的釋放將超過10億美元，這將強調代幣經濟的越來越多的複雜性和成熟程度。

By using Tokenomist’s classification framework to aggregate data, this was revealed. Incsider tokens make up about 8% of this category—these are the tokens that are unlocked for founders, early investors, or core contributors. Tokenomics, anyone?

通過使用tokenomist的分類框架來匯總數據，可以揭示。 Incsider令牌約佔此類別的8％，這些代幣是為創始人，早期投資者或核心貢獻者解鎖的代幣。象徵學，有人嗎？

Of the many projects due for an unlock, a number of well-known entities are set to come out from behind the curtain. The lineup includes $PYTH, $MRS, $SOL, $PIXEL, and $EIGEN. Of these, $PYTH ranks at the head of the value pack and also stands as the project whose unlock is least likely to bring with it negative vibes.

在許多要解鎖的項目中，許多知名實體將從窗簾後面出現。陣容包括$ Pyth，$ MRS，$ SOL，$ PIXEL和$ eigen。其中，$ pyth在價值包的負責人中排名，也是該項目，其解鎖最不可能帶來負面的氛圍。

Stepping into the spotlight, $PYTH, with its release value of $251 million, is danging like the low-hanging fruit investors should take heed of.

$ pyth逐漸成為焦點，其發行價值為2.51億美元，就像低懸掛的水果投資者應該關注的那樣。

$PYTH Heads the Unlocks with a Major Supply Release

$ pyth負責解鎖的主要供應發布

The focus this week is on $PYTH, the native token of the Pyth Network, a leading decentralized oracle protocol. The next unlock, set for May 19, 2025, will push a whopping 58.62% of $PYTH’s circulating supply into the open market. In terms of both absolute numbers and percentage, this unlock is by far the most substantial of any that we see on the calendar going forward.

本週的重點是Pyth，Pyth是Pyth Network的本地令牌，這是一個領先的分散Oracle協議。下一次解鎖定於2025年5月19日，將把$ Pyth循環供應的58.62％推向公開市場。就絕對數和百分比而言，該解鎖是迄今為止我們在日曆上看到的最重要的。

After a strong month of gains driven by macro relief, the crypto market traded mostly sideways this past week.

經過宏觀緩解驅動的強勁收益，加密貨幣市場主要在過去一周的側面交易。

Weekly Unlock Digest – Week 3, May 2025 👇Investors appear to have already priced in the impact of the U.S. and China tariff delay. Despite this, Ethereum showed… pic.twitter.com/2ECrD8kjFH

每週解鎖摘要 - 2025年5月3日，投資者似乎已經定價在美國和中國關稅延遲的影響下。儘管如此，以太坊展示了…pic.twitter.com/2ecrd8kjfh

— Tokenomist (prev. TokenUnlocks) (@Tokenomist_ai) May 19, 2025

- tokenomist（tokenunlocks）（@tokenomist_ai）2025年5月19日

As per the most recent progress report, just 36% of the $PYTH total token supply has been unlocked. The next token distribution will change the circulating dynamic significantly, pushing the percentage of the total supply that has been unlocked a lot higher. While how tokens are distributed and how many are in circulation can dictate a token’s price, Pyth’s team seems to have planned its token unlock with a price-stable, long-term vision in mind.

根據最近的進度報告，$ Pyth總供應量的$ 36％已被解鎖。接下來的令牌分佈將大大改變循環的動態，從而推動了已解鎖的總供應的百分比。儘管令牌的分發方式以及流通量有多少可以決定代幣的價格，但Pyth的團隊似乎已經計劃了其代幣解鎖，並要牢記價格穩定，長期的願景。

Significantly, a large part of these vested tokens has been designated for initiatives that are focused on the community. These initiatives include the following:

值得注意的是，這些既得令牌中的很大一部分已被指定為專注於社區的計劃。這些舉措包括以下內容：

– Ecosystem development

- 生態系統開發

– Publisher rewards

- 出版商獎勵

– Private sales

- 私人銷售

– Protocol expansion

- 協議擴展

This is directly in line with the Pyth Network’s overall mission. The Network aims to construct a decentralized, community-driven oracle infrastructure capable of serving DeFi, traditional finance, and nascent blockchain ecosystems.

這與Pyth網絡的整體任務直接一致。該網絡旨在構建一個能夠為DEFI，傳統金融和新生的區塊鏈生態系統服務的分散的社區驅動的甲骨文基礎設施。

Insider Allocations Remain Limited but Noteworthy

內部分配仍然有限，但值得注意

Of the $1 billion in unlocks projected for the week, an estimated 8% is classified as “insider” unlocks. These are not your typical unlocks, which are ostensibly all about maintaining network security, preventing scammy behavior, and enforcing tokenomics. In our last episode, we talked about the 23% of the week that was just normal, everyday unlocks.

在本週預計的10億美元解鎖中，估計有8％被歸類為“內部人”解鎖。這些不是您的典型解鎖，表面上是維持網絡安全性，防止史上的行為和執行令牌學的全部。在上一集中，我們談到了每天正常的23％的一周中的23％。

Although it may appear that a low percentage of insider unlocks occurs, consider the amount of capital coming into the market from these allocations. When dissected and analyzed, as they often are, these allocations are revealed to be triggering mechanisms for just the kind of sell-off one doesn’t want to see in the project one has invested in. And if it’s not bad enough that these sell-offs are happening, consider that the apparent transparency of the long-term token distribution strategy may be a big reason for the lack of price liquidity in the first place.

儘管似乎很低的內部人解鎖發生了，但考慮從這些分配中進入市場的資本數量。當剖析和分析時，這些分配被發現是觸發機制的機制，只是一種不想在人們投資的項目中看到的那種售罄。

In the present market conditions—characterized by macroeconomic stabilization and an investor-friendly climate—token unlocks are being digested far more efficiently than in earlier bearish episodes. Recent episodes, like the near-seamless supply release from tokens like $ETHFI, illustrate this new narrative. They show that when the fundamentals are good and the story is right, investors clearly have the appetite to buy into supply increases from smart-contract-based tokens.

在當前的市場狀況下，宏觀經濟穩定和對投資者友好的氣候所表徵的方式比以前的看跌劇集更有效地消化了。最近的一集，例如$ Ethfi等代幣的近乎無縫的供應發行，都說明了這一新敘述。他們表明，當基本原理是好的並且故事正確時，投資者顯然可以從基於智能合同的代幣中獲得供應量增加。

Key Tokens to Watch: $MRS, $SOL, $PIXEL, and $EIGEN

觀看的關鍵令牌：$ MRS，$ SOL，$ PIXEL和$ eigen

Even though $PYTH is notable for its size, various other substantial tokens are on the verge of significant unlocks. $MRS, a governance token, and $PIXEL, linked to a GameFi platform that is gaining traction, are both seeing drastic increases in supply. Additionally, $EIGEN, a token that backs staking infrastructure, and $SOL, an unlock tied to Solana, are also considerable events in the week’s unlocking schedule.

儘管$ Pyth的尺寸值得注意，但其他各種大量代幣仍處於重大解鎖的邊緣。 $ MRS是一個治理令牌和$ Pixel，與Gamefi平台相關聯，該平台都在供應量大幅增加。此外，$ eigen是一個支持Staking Infrastructure的代幣，而與Solana相關的解鎖的$ SOL也是本週解鎖計劃中的大量活動。

These tokens will be observed very closely not just for their price movements but for how their communities and teams handle the liquidity

這些代幣將不僅是因為他們的價格變動，而且要與他們的社區和團隊如何處理流動性有關