Token Unlocks Scheduled Across Multiple Projects in September

• September token unlocks exceed billions across Layer 2, interoperability, and DeFi ecosystems.
• LayerZero leads September 20 releases with $490.5M, marking the largest single unlock of 2025.
• Circulating supply expands rapidly as multiple projects release hundreds of millions of tokens.

Token unlocks worth billions of dollars are scheduled across several blockchain ecosystems this month, according to data from Phoenix Group. The releases will occur in mid to late September 2025, involving Layer 2 platforms, interoperability protocols, and decentralized finance projects. The series of unlocks is expected to expand the circulating supply across multiple tokens in a short span of time.

The first wave of token unlocks occurred on September 15, led by NuCypher (NU). The project released 200 million tokens, equal to 5.15% of total supply, with an estimated value of $10.92 million. StarkNet (STRK) followed, adding 127.60 million tokens to circulation, worth $17.57 million. Sei (SEI) also released 95.15 million tokens, valued at $31.63 million.

Arbitrum (ARB) marked one of the largest dollar-value changes of the day, unlocking 92.63 million tokens worth $47.82 million. zkSync (ZK) completed the group with 173.41 million tokens entering circulation, valued at $10.48 million. Together, these token unlocks introduced several hundred million dollars’ worth of supply in a single day.

Largest Unlock Scheduled for September 20

As reported in our previous post, the next round of token unlocks will occur on September 20, highlighted by LayerZero (ZRO). The protocol will release 24.68 million tokens with a combined value of $490.5 million, the highest monetary figure of the month. On the same day, Kaito (KAITO) will unlock 8.34 million tokens valued at $9.88 million, while Lista DAO (LISTA) will add 33.44 million tokens worth $8.69 million.

This cluster of releases represents one of the most concentrated unlock schedules, with LayerZero’s value overshadowing the smaller but significant distributions of Kaito and Lista DAO.

Source: Phoenix Group

The sequence concludes on September 21 with Plume Network (PLUME). The project will release 108.34 million tokens into circulation, carrying an estimated value of $14.67 million. This event closes out September’s schedule of token unlocks, which together represent a substantial addition to market supply across multiple ecosystems.

Broader Scope of September’s Token Unlocks

The collection of token unlocks shows broad activity across different blockchain categories. Projects focusing on Layer 2 scaling, cross-chain interoperability, and decentralized finance make up the majority of the scheduled events. Each release adjusts circulating supply, and collectively, the sequence highlights one of the largest clusters of unlocks planned for 2025.

With several billion dollars’ worth of tokens scheduled for release within days, the events point out how quickly supply levels can shift across the sector. Market participants are expected to follow these developments closely as liquidity changes throughout the month.