Connex, Avalanche and Arbitrum Set Mid-May Token Unlocks

Connex, Avalanche and Arbitrum have scheduled token releases in mid-May that are part of token unlocks valued at about $737.7 million. The relevant dates are May 12, May 15 and May 16.

Connex will release 1.32 million CONX on May 15. That amount equals roughly 1.49% of the project’s released supply of 88.6 million CONX and comes from a total supply of 100 million. The unlocked tokens are valued at about $17.95 million. Allocation details show about 822,500 CONX directed to the ecosystem and 500,000 CONX to the community treasury. Connex is a permissionless Web3 professional network that uses CONX for payments and governance.

Avalanche will unlock 1.67 million AVAX on May 12. That quantity represents roughly 0.31% of the released supply of 536.9 million AVAX and is drawn from a total supply of 720 million. The unlocked AVAX are valued at a little more than $17 million. The Avalanche Foundation is listed as the recipient of the full unlocked amount. Avalanche is a Layer-1 blockchain that uses a three-chain design to increase throughput and transaction speed.

Arbitrum will release 92.65 million ARB on May 16, about 1.71% of a released supply totaling 5.41 billion and from a 10 billion total supply. The tokens are estimated at $13.36 million. Allocation records show 56.13 million ARB for the team, future team members and advisors, and 36.52 million ARB for investors. Arbitrum is a layer-2 scaling solution for Ethereum that processes transactions off-chain using an optimistic rollup and posts results to Ethereum to preserve network security.

Other scheduled mid-May unlocks include tokens from Aptos, Cheelee and Starknet. Market participants monitor scheduled unlocks because they change the volume of tokens eligible for transfer or sale on specific dates.

Token counts, allocation breakdowns and dollar values are drawn from project schedules and token-tracking sources.