Connex releases $18M in CONX in cliff unlock, a drop equal to about 60% of market cap

Connex confirmed it carried out a scheduled cliff unlock on May 15, releasing 1.32 million CONX worth about $17.95 million. The unlock followed the project's previously published vesting plan, with tokens allocated to two onchain wallets: 822,500 CONX (around $10.94 million) to the ecosystem fund and 500,000 CONX (about $6.65 million) to the community treasury. Tokenomist onchain data shows the release represents roughly 1.49% of Connex's adjusted released supply. Before the event, about 88.60% of the token's maximum supply was already circulating. At current prices, the one-time release equals roughly 60% of CONX's market capitalization (about $30.61 million), making it one of the week's largest unlock-to-market-cap ratios. Cliff unlocks, which add vested tokens to circulation in a single tranche rather than gradually, can amplify short-term selling pressure as a sizable amount of supply hits the market at once. Traders and liquidity providers have increasingly treated these dates as key volatility catalysts, a trend highlighted by Tokenomist and market commentary. Connex's unlock lands during an active month for crypto vesting. Last week alone saw more than $229 million in token releases across projects including HYPE, ENA and RED. Recent episodes have also put governance and transparency around vesting under scrutiny: in a separate case involving WLFI, $55.57 million was moved into an unlock contract before a community vote intervened, underscoring how unlock timing can prompt backlash. Connex's release, by contrast, adhered to its disclosed schedule. CONX is used for payments, governance and credential verification within Connex's LinkedIn-style Web3 professional network, and also serves to incentivize participation. Market participants will be watching whether platform demand can absorb the concentrated supply increase—something markets have shown is possible when utility and liquidity are strong, as seen with HYPE earlier this year.