即将到来的加密货币市场有望成为一个重要的一周

通过使用tokenomist的分类框架来汇总数据，可以揭示。 Incsider令牌约占此类别的8％，这些代币是为创始人，早期投资者或核心贡献者解锁的代币。

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.

即将到来的加密货币市场的一周有望成为一个重要的一周，而代币的释放将超过10亿美元，这将强调代币经济的越来越多的复杂性和成熟程度。

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?

通过使用tokenomist的分类框架来汇总数据，可以揭示。 Incsider令牌约占此类别的8％，这些代币是为创始人，早期投资者或核心贡献者解锁的代币。象征学，有人吗？

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.

在许多要解锁的项目中，许多知名实体将从窗帘后面出现。阵容包括$ Pyth，$ MRS，$ SOL，$ PIXEL和$ eigen。其中，$ pyth在价值包的负责人中排名，也是该项目，其解锁最不可能带来负面的氛围。

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逐渐成为焦点，其发行价值为2.51亿美元，就像低悬挂的水果投资者应该关注的那样。

$PYTH Heads the Unlocks with a Major Supply Release

$ pyth负责解锁的主要供应发布

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.

本周的重点是Pyth，Pyth是Pyth Network的本地令牌，这是一个领先的分散Oracle协议。下一次解锁定于2025年5月19日，将把$ Pyth循环供应的58.62％推向公开市场。就绝对数和百分比而言，该解锁是迄今为止我们在日历上看到的最重要的。

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

经过宏观缓解驱动的强劲收益，加密货币市场主要在过去一周的侧面交易。

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

每周解锁摘要 - 2025年5月3日，投资者似乎已经定价在美国和中国关税延迟的影响下。尽管如此，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.

根据最近的进度报告，$ Pyth总供应量的$ 36％已被解锁。接下来的令牌分布将大大改变循环的动态，从而推动了已解锁的总供应的百分比。尽管令牌的分发方式以及流通量有多少可以决定代币的价格，但Pyth的团队似乎已经计划了其代币解锁，并要牢记价格稳定，长期的愿景。

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，这些既得令牌中的很大一部分已被指定为专注于社区的计划。这些举措包括以下内容：

– Ecosystem development

- 生态系统开发

– Publisher rewards

- 出版商奖励

– Private sales

- 私人销售

– Protocol expansion

- 协议扩展

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.

这与Pyth网络的整体任务直接一致。该网络旨在构建一个能够为DEFI，传统金融和新生的区块链生态系统服务的分散的社区驱动的甲骨文基础设施。

Insider Allocations Remain Limited but Noteworthy

内部分配仍然有限，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.

在本周预计的10亿美元解锁中，估计有8％被归类为“内部人”解锁。这些不是您的典型解锁，表面上是维持网络安全性，防止史上的行为和执行令牌学的全部。在上一集中，我们谈到了每天正常的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.

尽管似乎很低的内部人解锁发生了，但考虑从这些分配中进入市场的资本数量。当剖析和分析时，这些分配被发现是触发机制的机制，只是一种不想在人们投资的项目中看到的那种售罄。

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.

在当前的市场状况下，宏观经济稳定和对投资者友好的气候所表征的方式比以前的看跌剧集更有效地消化了。最近的一集，例如$ Ethfi等代币的近乎无缝的供应发行，都说明了这一新叙述。他们表明，当基本原理是好的并且故事正确时，投资者显然可以从基于智能合同的代币中获得供应量增加。

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

观看的关键令牌：$ 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.

尽管$ Pyth的尺寸值得注意，但其他各种大量代币仍处于重大解锁的边缘。 $ MRS是一个治理令牌和$ Pixel，与Gamefi平台相关联，该平台都在供应量大幅增加。此外，$ eigen是一个支持Staking Infrastructure的代币，而与Solana相关的解锁的$ SOL也是本周解锁计划中的大量活动。

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

这些代币将不仅是因为他们的价格变动，而且要与他们的社区和团队如何处理流动性有关