Connex has completed its scheduled token unlock, releasing 1.32 million CONX tokens valued at approximately $17.95 million on May 15. This event represents a 1.49% addition to the project’s circulating supply, with 88.60% of the maximum supply already in circulation beforehand. The unlock follows a predetermined cliff schedule, which releases tokens in a single batch rather than gradually over time.
The allocated tokens were divided into two categories: 822,500 CONX (worth about $10.94 million) went to the ecosystem fund, while the remaining 500,000 CONX (valued at $6.65 million) were directed to the community treasury. Such large-scale unlocks can sometimes create selling pressure, especially when they represent a significant portion of the market cap. In this case, the unlocked tokens amount to roughly 60% of CONX’s $30.61 million market capitalization, making it a notable event for traders.
This unlock occurs amid a broader landscape of token releases in May 2026, with over $229 million in unlocks across various projects recently drawing attention. Connex, a Web3 professional networking platform, uses its native token for payments, governance, and credential verification within its decentralized network. The project’s adherence to its disclosed vesting schedule may help minimize market disruption, as seen with other tokens like Hyperliquid’s HYPE, which absorbed large unlocks without lasting price damage due to strong demand.