This week's token unlocks: Coinank data shows that tokens such as #PYTH , ZKJ, and PIXEL will see large amounts unlocked this week:

Pyth Network (PYTH) will unlock approximately 2.13 billion tokens on May 19 at 10 PM, accounting for 58.62% of the current circulation, valued at approximately $338 million;

Polyhedra Network (#ZKJ ) will unlock approximately 15.53 million tokens on May 19 at 8 AM, accounting for 5.3% of the current circulation, valued at approximately $32.3 million;

Pixels (#PIXEL ) will unlock approximately 9.118 million tokens on May 19 at 6 PM, accounting for 11.83% of the current circulation, valued at approximately $4.7 million;

SPACE ID (#ID ) will unlock approximately 12.65 million tokens on May 22 at 8 AM, accounting for 2.94% of the current circulation, valued at approximately $2.7 million.

This week's token unlock events will have a structural impact on market supply and demand relationships and investor expectations. Specifically:

The scale of the PYTH unlock is significant, and caution should be exercised regarding short-term selling pressure. The current unlock of 2.13 billion tokens (accounting for 58.62% of circulation) is valued at up to $338 million. Although its underlying oracle network has long-term value support due to institutional backing, about 16.67% of the unlocked tokens are flowing to private investors, who often have strong motivations to cash out. Historical cases show that projects with a sudden increase in circulation often face price correction pressure.

The ZKJ unlock may trigger a market cap reassessment. The amount of ZKJ tokens unlocked accounts for 5.3% of the circulation, but based on the current market cap, the proportion reaches 25.7%. While some tokens are used for ecosystem incentives, its cross-chain interoperability technology, zkBridge, has not yet formed significant revenue support, and the market may maintain a cautious attitude towards actual application progress after the unlock.

The impact of PIXEL and ID unlocks is relatively limited.

Token unlocks are essentially a stress test of liquidity management capabilities. Project teams need to balance the exit demands of early investors with ecosystem construction goals; for example, PYTH will use 75% of the unlocked tokens for ecosystem growth, which, if executed effectively, can translate into long-term value. Investors should focus on the flow of tokens (private placement/team/ecosystem) and the project's fundamentals, avoiding the pitfall of solely relying on unlock ratios to assess risk. The recent Movement Labs incident has exposed the risks of off-exchange trading manipulation, further highlighting the importance of a transparent unlocking mechanism.