Major Token Unlocks Worth Billions Set for August 18–23

• zkSync leads with $181M unlock, the largest dollar impact of the week.
• Soon records the biggest relative unlock with 13.04% of supply released.
• Consecutive token unlocks may trigger sharp liquidity shifts in the market.

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A wave of token unlocks is set to occur between August 18 and August 23, 2025, involving several blockchain projects across different networks. Data released by Phoenix Group shows that billions of dollars in value will be added to circulation within this short period.

The schedule begins on August 18 with Manta Network and Fusionist. Manta Network will release 15.67 million tokens, representing 1.57% of its supply and estimated to be worth $3.66 million. On the same day, Fusionist will unlock 3.04 million ACE tokens, equivalent to 2.07% of its supply and worth about 1.64 million dollars.

Largest Dollar Impact: zkSync and Merlin Chain Token Unlocks

The largest token unlock in terms of dollar value will take place on August 19. zkSync is set to release 173.41 million tokens, which amounts to 0.83% of its total supply and is valued at $181 million. This makes zkSync the biggest financial contributor of the week.

Also on August 19, Merlin Chain will release 36.14 million tokens, equal to 1.72% of its supply, valued at 4 million dollars. Together, zkSync and Merlin Chain will significantly increase the circulating supply, accounting for a large share of the week’s activity.

LayerZero, Kaito, and Midweek Supply Increases

On August 20, LayerZero will unlock 24.68 million tokens, or 2.47% of its supply, worth 50.19 million dollars. Alongside this, Kaito will release 16.67 million tokens, representing 1.67% of its supply, valued at $17.85 million. These midweek releases provide another boost to market liquidity and show the concentrated schedule of supply expansion that characterizes this period.

End-of-Week Releases: Plume, Space ID, and Soon

As highlighted in our previous report, the final three days of the week also feature important token unlocks. On August 21, Plume Network will release 108.34 million tokens, equal to 1.08% of the supply, worth $8.95 million. On August 22, Space ID will unlock 12.65 million tokens, or 0.63% of its supply, valued at $3.23 million.

The last unlock of the week will come on August 23 from Soon. The project is scheduled to release 41.88 million tokens, representing 13.04% of its total supply, with an estimated value of $11.51 million. Soon’s release stands out as the largest in relative terms, making it one of the more significant events of the period.

Market Impact of Concentrated Token Unlocks

In total, the scheduled token unlocks amounts to billions in market value entering circulation across several projects. zkSync leads in overall dollar volume, while Soon records the highest percentage release relative to supply. Analysts note that such large token unlocks may affect short-term market dynamics as liquidity rises sharply within a limited timeframe.