Key Token Unlocks to Watch in July
As we enter the first week of July 2025, the crypto market is gearing up for a series of significant token unlocks. Among the standout projects unlocking tokens are Sui (SUI), Ethena (ENA), and ZetaChain (ZETA).
These unlocks represent a crucial shift in token supply, which could lead to market volatility and potentially influence price movements in the short term.
1. Sui (SUI)
Unlock Date: July 1
Number of Tokens to be Unlocked: 44 million SUI (0.44% of Total Supply)
Current Circulating Supply: 3.39 billion SUI
Total supply: 10 billion SUI
Sui is a high-performance blockchain designed to provide scalability, low latency, and an architecture for decentralized applications (dApps). It distinguishes itself with an object-centric data model and the Move programming language, which seeks to address inefficiencies in existing blockchain architectures.
On July 1, the network will release 44 million SUI into the market, continuing its trend of cliff unlocks at the beginning of the month. The tokens are worth $122.3 million and represent 1.3% of the current circulating supply.
The unlocked tokens will be split 4 ways. The largest share, totaling 19.32 million SUI, is earmarked for Series B. Community Reserve will receive 12.63 million tokens. Early Contributors will gain 9.98 million tokens. Lastly, Mysten Labs Treasury will get 2.07 million SUI.
Meanwhile, SUI’s value has appreciated 11.3% over the past week. However, as the unlock nears, the price is down 1.4% over the past day.
2. Ethena (ENA)
Unlock Date: July 2
Number of Tokens to be Unlocked: 40.63 million ENA (0.27% of Total Supply)
Current Circulating Supply: 6.087 billion ENA
Total supply: 15 billion ENA
Ethena is a decentralized protocol built on the Ethereum blockchain. It provides a crypto-native alternative to traditional stablecoins. The protocol’s primary offering is USDe, a synthetic dollar stablecoin. Meanwhile, ENA is Ethena’s governance token.
The protocol will unlock 40.63 million tokens worth $10.9 million. The Foundation will receive all of the unlocked tokens, which account for 0.67% of the circulating supply.
The token unlock comes amid ENA’s less-than-strong start to the week. It dipped 0.2% over the past day. However, weekly gains stood strong at 10%.
3. ZetaChain (ZETA)
Unlock Date: July 1
Number of Tokens to be Unlocked: 44.26 million ZETA (2.1% of Total Supply)
Current Circulating Supply: 877.5 million ZETA
Total supply: 2.1 billion ZETA
ZetaChain is a blockchain that enables interoperability across various blockchain ecosystems, including those without native smart contract support, like Bitcoin and Dogecoin. It aims to unify the fragmented blockchain space.
On July 1, the network will release 44.26 million ZETA tokens, valued at $7.9 million. Core Contributors and the Protocol Treasury will get 13.13 million ZETA and 12.83 million ZETA, respectively.
Purchasers and Advisors will receive 9.33 million ZETA. The network has also allocated 5.25 million tokens to the Ecosystem Growth Fund.
The User Growth Pool will gain 2.63 million ZETA. Finally, 1.09 million tokens will be kept for Liquidity Incentives.
Similar to the other two altcoins, ZETA has also seen minor declines of 0.6% over the past day while rising 8.0% in the last seven days.
In addition to these three, Neon (NEON), Renzo (REZ), and dydx (DYDX) will also experience new supply entering the market. Over the next seven days, the market will welcome tokens worth more than $484 million.
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