Key Takeaways

Pyth’s massive unlock may trigger sharp volatility and selling pressure.
ZKJ’s diversified unlock tests confidence in the project’s long-term utility.
SAROS and SQD unlocks could face short-term market instability.

As large amounts of previously locked tokens are released into circulation, these events can introduce selling pressure and increase volatility.

Polyhedra Network (ZKJ) – May 19

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While not as large as PYTH’s unlock, this still represents a significant supply event for a relatively new project.

May 19 unlock includes a well-diversified distribution across strategic categories.

The largest allocation, 2.65% or 8.47 million tokens, is designated for Ecosystem and Network Incentives, aiming to support long-term protocol utility and user participation.

Polyhedra Network (ZKJ) – May 19, Saros (SAROS) – May 19, Pyth Network (PYTH) – May 20, Subsquid (SQD) – May 25

ZKJ token allocation | Source: cryptorank.io

Community, Airdrop, and Marketing initiatives will receive 1.74% or 2.61 million tokens, fueling brand growth and user engagement.

Meanwhile, Foundation Reserves are set to grow by 2.41% (3.61 million tokens), ensuring project sustainability.

Notably, Pre-TGE token purchasers will unlock 4% (800,000 tokens), a potential short-term risk factor if early investors opt to realize gains.

The fresh issuance of tokens may encourage early backers and insiders to realize profits, potentially putting downward pressure on the price.

ZKJ has gained attention for its ZK-proof infrastructure in Web3 interoperability, and the unlock will test the market’s faith in its long-term value.

Short-term holders should be cautious, as unlock events can introduce temporary instability in price action.

Saros (SAROS) – May 19

Saros is scheduled to unlock 213.93 million SAROS tokens on May 19, representing approximately 8.15% of the token’s circulating supply and a total valuation of around $28 million.

This unlock introduces considerable liquidity into the market and could significantly influence short-term price action.

The distribution includes allocations to Core Contributors and Ecosystem Growth, with 54.06 million and 40.54 million tokens, respectively.

SAROS token unlock | Source: cryptorank.io

SAROS could face increased selling activity depending on investor sentiment and liquidity depth.

The project is part of the Solana ecosystem, which has seen heightened interest lately. The broader ecosystem’s strength could help absorb the impact.

Nevertheless, volatility is expected around the unlock date.

Pyth Network (PYTH) – May 20

Pyth Network is set for a massive token unlock on May 20, releasing 2.13 billion PYTH tokens—equivalent to around 58.3% of its circulating supply.

This staggering release, valued at over $330 million, could dramatically impact the token's market dynamics.

Pyth token allocation | Source: cryptorank.io

The largest portion of 21.6%, or 1.13 billion tokens, will go toward Ecosystem Growth, supporting initiatives that expand the adoption and usage of the Oracle network.

Publisher Rewards make up 24.4% of the unlock, adding 537.53 million tokens to incentivize data providers.

Protocol Development will receive 21.3% or 212.5 million tokens, aimed at ongoing technical advancements.

Lastly, Private Sale investors will unlock 25%, totaling 250 million tokens, potentially introducing selling pressure if early backers decide to take profits. This diversified distribution highlights both growth intentions and market risks.

As one of the largest unlocks of 2025 so far, the sudden increase in supply may trigger a wave of selling pressure unless offset by strong demand.

Traders and investors should prepare for elevated volatility during this period. Historically, unlocks of this magnitude have led to price corrections unless there is a clear catalyst to absorb the added liquidity.

Subsquid (SQD) – May 25

This unlock is part of the project's vesting schedule and could introduce additional tokens into circulation, potentially impacting the token's price dynamics.

SQD unlock schedule | Source: tokentrack.co

As a new entrant to the blockchain indexing and data infrastructure space, Subsquid’s market depth remains shallow, and even modest unlocks can trigger notable price moves.

Low liquidity could amplify downside risks if early investors or team members choose to sell.

However, continued momentum in on-chain data demand might help the token recover quickly if the fundamentals stay strong and user adoption grows.