March is set to witness significant token unlocks across the crypto ecosystem, with Solana (SOL) dominating the spotlight at $1.56 billion. Other key projects like Sui (SUI), Ethena (ENA), Movement (MOVE), Aptos (APT), and Arbitrum (ARB) will also release portions of their circulating supply. Here’s a detailed breakdown of these unlocks and their potential market impact.
Solana (SOL): $1.56 Billion Unlock in March
Solana’s unlock is unique compared to traditional vesting schedules.
- Amount: 11.2 million SOL (~$1.56B at current prices).
- Percentage of Market Cap: 2.24%.
This unlock stems from VC buybacks following FTX’s collapse, with no fixed date announced yet. Despite SOL’s price correcting 30%+ in the last 30 days, its long-term ecosystem growth remains robust.
👉 Explore Solana’s latest developments
Other Key Unlocks in March
1. Sui (SUI)
- Date: March 1
- Amount: 80.14M SUI ($236M).
- Circulating Supply Impact: 2.6%.
- Context: Only 31% of SUI’s total supply is circulating, with early investors seeing 400%+ ROI.
2. Ethena (ENA)
- Date: March 2
- Amount: 94.19M ENA ($40.8M).
- Circulating Supply Impact: 3.02%.
- Context: ENA governs the USDe stablecoin, now the 3rd-largest stablecoin by market cap.
3. Movement (MOVE)
- Date: March 9
- Amount: 50M MOVE ($23.6M).
- Circulating Supply Impact: 2.09%.
- Catalyst: Rumors of a mainnet launch and Trump-era narrative ties.
4. Aptos (APT)
- Date: March 12
- Amount: 11.31M APT ($69.4M).
- Circulating Supply Impact: 1.94%.
- Note: Aptos boasts 100K TPS capacity but faces declining developer activity.
5. Arbitrum (ARB)
- Date: March 16
- Amount: 92.63M ARB ($40.4M).
- Circulating Supply Impact: 2.1%.
- Challenge: Net outflows of $3.7B+ in recent months.
FAQ
Q: How do token unlocks affect prices?
A: Unlocks often increase selling pressure, especially if early investors cash out. However, projects with strong utility may absorb the impact.
Q: Which unlock has the highest % of circulating supply?
A: Ethena’s ENA (3.02%) tops the list, followed by Sui’s SUI (2.6%).
Q: Why is Solana’s unlock different?
A: It’s tied to post-FTX VC settlements, not a standard vesting schedule.
Key Takeaways
- Monitor SOL’s unlock date for potential volatility.
- SUI and ENA face high sell-risk due to low circulating supply.
- APT and ARB unlocks coincide with ecosystem challenges.
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Data sources: DropsTab, Artemis Terminal.