.png-a616dc52961c1edd72b0c1fdf5f47e7a.png-8359976fdb0656215e306b0de9208da8.png?class=ppsmall)
.png-a616dc52961c1edd72b0c1fdf5f47e7a.png-d44bdfd9b52d9f76131f38376a1fe385.png?class=sponsorIcon)
Subscribe to Bankless or sign in
Hyperliquid’s team token unlocks began this weekend, marking the start of the contributor unlock cycle though the pace of vesting remains unclear.
What’s the scoop?
- First Batch Released: ~1.75M $HYPE (~$60M) was released in the first wave, with
Hyperliquid developer iliensinc stating that “Different team members have different vesting schedules and can choose what to do with their vested tokens.” - Selling Remains Low: Onchain analyst and Hyperliquid personality Kirby notes that only 609K $HYPE (23.4% of the weekend unlock) went to OTC desk Flowdesk (presumably to sell), with ~40% being re-staked and the rest remaining “untouched.”
- Confusion Around Wallets and Future Unlocks: Confusion remains about the pace of future unlocks. At this rate, as Steven from Yunt Capital points out, it would take nearly a century, rather than the stated 24-48 month schedule, to release the team’s full allocation.
Bankless Take:
The big question here is really about the future pace of unlocks for the 23.8% of supply (238M $HYPE) reserved for team members. As mentioned, the timeline extrapolated from this past unlock versus what was stated when the token was released produces drastically different outcomes for how much supply the Hyperliquid can absorb through its Assistance Fund.
Given the ambiguity from a protocol and business that has otherwise shown consistent diligence, and given iliensinc’s statement about the flexibility and range of team members’ vesting schedules and unlocks, the situation reads to me as the core team actively figuring out how to handle this supply release in a way that treats contributors fairly while preserving the health and token value of Hyperliquid. Given the protocol’s growth over the past year, it’s not surprising that they’d need to adjust the team unlocks. Hopefully we’ll hear more soon.
.png-a616dc52961c1edd72b0c1fdf5f47e7a.png-8359976fdb0656215e306b0de9208da8.png?class=sponsorIcon)
