• Ethena boasts a low market cap to TVL ratio of 0.3372, indicating strong capital efficiency and high circulating supply stability.

  • Worldcoin’s gradual unlock plan and large FDV of $11.76 billion could drive volatility as new tokens enter the market.

  • MANTRA shows unusually high market cap-to-TVL ratio over 22,800, signaling major off-chain investor activity ahead of future unlocks.

Token unlock events are drawing increased scrutiny this month as several high-profile crypto projects prepare to release additional tokens into circulation. With unlocks often influencing short-term price movements and market sentiment, investors are closely watching how protocols like Ethena, Worldcoin, IOTA, Movement, and MANTRA will impact liquidity, inflation, and valuation across the crypto landscape. Each project’s approach to supply release offers valuable signals for both traders and long-term holders.

Ethena (ENA) Signals Market Confidence Amid High TVL

Source: CoinMarketcap

Ethena (ENA), a synthetic dollar protocol operating on Ethereum, is currently trading at $0.3235 with a daily gain of 2.37%. Its market capitalization stands at $1.88 billion, closely aligned with its unlocked market cap of $1.89 billion. This minimal gap suggests a majority of tokens are already in circulation, reducing the risk of sudden market inflation due to new unlocks.

The project’s fully diluted valuation (FDV) is $4.79 billion, based on a total supply of 15 billion ENA tokens. With over 68,000 holders and a substantial total value locked (TVL) of $5.51 billion, the protocol shows strong user engagement. Its low market cap to TVL ratio of 0.3372 reflects significant capital efficiency. Ethena’s position in the token unlock calendar is noteworthy given the large volume already circulating and the size of its active user base.

Worldcoin (WLD) Maintains Phased Token Release Strategy

Source: CoinMarketcap

Worldcoin (WLD) is priced at $1.18, up 1.95% over the past 24 hours. With a market cap of $1.83 billion and a high FDV of $11.76 billion, the token’s circulating supply is still relatively limited compared to its total supply of 10 billion tokens. 

Worldcoin’s unlocked market cap stands at $3.86 billion, further indicating ongoing token emissions. The project is known for its focus on biometric identity verification and global financial access, distributing tokens to users upon verification. Its 24-hour volume of $141.11 million and a volume-to-market cap ratio of 7.71% show solid market activity.

IOTA Sees Stable Circulation Ahead of Key Unlock Milestones

Source : CoinMarketcap

IOTA has risen 2.01% to currently trade at $0.1882. The network’s market cap is $716.43 million and its full diluted valuation stands at $865.89 million. A total of 4.6 billion tokens exist, but currently only 3.8 billion are available, meaning a limited number are yet to be released.

The relatively modest 24-hour trading volume of $13.04 million results in a volume-to-market cap ratio of 1.82%, indicating moderate trading interest. IOTA utilizes a unique architecture called the Tangle, a DAG-based protocol that differentiates it from traditional blockchain systems. 

Movement (MOVE) Gains Attention with High Market Liquidity

Source: CoinMarketCap

Movement (MOVE) is currently priced at $0.1458, reflecting a 2.43% increase in the last 24 hours. With a circulating supply of 2.55 billion MOVE tokens out of a total 10 billion, the token maintains a structured release approach. Its current market capitalization is $371.93 million, while its FDV stands at $1.45 billion.

The project has attracted strong trading interest, recording a 24-hour volume of $32.95 million and a volume-to-market cap ratio of 8.87%. With over 35,000 holders, Movement is gradually building traction. The protocol introduces a modular, Move-based blockchain ecosystem that connects Move and Ethereum Virtual Machine (EVM) environments.

MANTRA (OM) Shows High Activity Despite Low TVL

Source : CoinMarketcap

MANTRA (OM) is trading at $0.3242, up by 1.40% in the last 24 hours. The project holds a market capitalization of $314.23 million, with 969.18 million tokens in circulation out of a total supply of 1.67 billion. The lack of a maximum supply cap means new tokens can be introduced over time, adding inflationary pressure during unlocks.

The project’s fully diluted valuation is $541.69 million, but it maintains a very low TVL of just $13.69K. This results in a high market cap to TVL ratio of over 22,800, suggesting that most capital backing the token lies outside on-chain protocols. However, its trading volume of $57.61 million and an 18.41% volume-to-market cap ratio reflect substantial market activity.