Layer 2 networks are experiencing the most supply pressure this week. Starknet opens the calendar tomorrow with a 4.05% cliff unlock, followed by the unlock of 92.65 million Arbitrum tokens on Friday. The total combined value of the five tokens exceeds $30 million, most of which is concentrated in allocations for the team and investors, and not in the foundation’s reserves.
STRK unlocks 4.05% of the offering on May 15 in a cliff unlock
Starknet (STRK) will unlock 127 million tokens tomorrow, May 15th, in a cliff unlock representing 4.05% of the circulating supply. Allocation: 66.6 million tokens (~$2.7 million) for Early Contributors and 60.4 million tokens (~$2.5 million) for Investors. At STRK’s current price of approximately $0.0427, the notional value of the unlock is approximately $5.4 million. This release takes place within the 31-month linear schedule, which runs until March 15, 2027. The release comes immediately after the release of strkBTC on May 12, which caused a 50% increase in a single day by enabling Bitcoin DeFi functionality on L2 via the SNIP-36 privacy framework. The test for STRK will be whether the demand generated by strkBTC will absorb the additional supply or whether Early Contributors and Investors will transfer the tokens to centralized exchanges within 72 hours.
new TradingView.widget({
«width»: «100%»,
«height»: 400,
«symbol»: «BINANCE:STRKUSDT»,
«interval»: «60»,
«range»: «5D»,
«timezone»: «Etc/UTC»,
«theme»: «light»,
«style»: «1»,
«locale»: «en»,
«toolbar_bg»: «#f1f3f6»,
«enable_publishing»: false,
«container_id»: «tradingview_strk»
});
ARB is distributing 92.65 million tokens to the team and investors on May 16th
Arbitrum (ARB) will issue 92.65 million tokens on Friday, May 16, representing 1.71% of the circulating supply, with a notional value of approximately $13.36 million. The team, future team and advisors will receive 56.13 million ARB. Investors will receive 36.52 million ARB. Arbitrum operates the largest L2 Ethereum after TVL, with a market cap of $1.4 billion and a daily volume of around $300 million — the unlock/volume ratio giving the market room to absorb the issue without major impact, although the focus on team allocations means tokens can be sold immediately at discretion.
new TradingView.widget({
«width»: «100%»,
«height»: 400,
«symbol»: «BINANCE:ARBUSDT»,
«interval»: «60»,
«range»: «5D»,
«timezone»: «Etc/UTC»,
«theme»: «light»,
«style»: «1»,
«locale»: «en»,
«toolbar_bg»: «#f1f3f6»,
«enable_publishing»: false,
«container_id»: «tradingview_arb»
});
SEI releases 0.95% of the offer on May 15
Sei (SEI) will unlock approximately $3.8 million in tokens on Thursday, representing 0.95% of the circulating supply. This unlock is modest relative to SEI’s market cap of $1.2 billion and average daily volume of approximately $80 million, placing the unlock/daily volume ratio below 5%, a level that historically allows for market absorption without significant price impact.
new TradingView.widget({
«width»: «100%»,
«height»: 400,
«symbol»: «BINANCE:SEIUSDT»,
«interval»: «60»,
«range»: «5D»,
«timezone»: «Etc/UTC»,
«theme»: «light»,
«style»: «1»,
«locale»: «en»,
«toolbar_bg»: «#f1f3f6»,
«enable_publishing»: false,
«container_id»: «tradingview_sei»
});
The cliff unlock for PYTH is scheduled for May 19th
Pyth Network (PYTH) has a planned «cliff» unlock on Monday, May 19th. Pyth provides oracle infrastructure for over 90 blockchains and remains one of the most integrated price data protocols in the DeFi sector. The exact amount of tokens for the May 19 unlock was not published in advance by the Pyth Data Association, which is in line with the protocol’s previous pattern of revealing exact numbers within 72 hours of release.
new TradingView.widget({
«width»: «100%»,
«height»: 400,
«symbol»: «BINANCE:PYTHUSDT»,
«interval»: «60»,
«range»: «5D»,
«timezone»: «Etc/UTC»,
«theme»: «light»,
«style»: «1»,
«locale»: «en»,
«toolbar_bg»: «#f1f3f6»,
«enable_publishing»: false,
«container_id»: «tradingview_pyth»
});
AEVO moves the tokens held by the DAO into the treasury on May 15th
Aevo (AEVO) will issue around 80 million tokens on Thursday, in a structural change that sees the rest of the supply held by the DAO being transferred into control of the protocol’s treasury. Aevo operates a derivatives DEX exchange built on an Ethereum L2 and was incubated by Ribbon Finance. With a market cap of $60 million, the token is the smallest entry on this list, but liquidity remains adequate, with a 24-hour volume of around $8 million.
new TradingView.widget({
«width»: «100%»,
«height»: 400,
«symbol»: «BYBIT:AEVOUSDT»,
«interval»: «60»,
«range»: «5D»,
«timezone»: «Etc/UTC»,
«theme»: «light»,
«style»: «1»,
«locale»: «en»,
«toolbar_bg»: «#f1f3f6»,
«enable_publishing»: false,
«container_id»: «tradingview_aevo»
});
What signals does the calendar send?
The L2 sector is getting the most pressure this week, with STRK and ARB releasing about $18.8 million in new supply in 48 hours together. Both are team and investor allocations, not foundation holdings, meaning tokens can be sold immediately at discretion. The pressure in the sector is most likely to be felt on the smaller L2 names, via correlated trading, rather than directly on STRK and ARB, which both have enough daily volumes to absorb their respective unlocks without disorderly impact.