Connex releases $17.95 million in CONX tokens on schedule

Connex released 1.32 million CONX tokens worth $17.95 million on May 15 in a scheduled cliff unlock.

Connex, a Web3 professional networking platform that uses its native token for payments, governance and credential verification, executed the unlock on a preset cliff schedule. According to Tokenomist data, the release equals approximately 1.49% of the project’s adjusted released supply, with 88.60% of maximum supply already in circulation ahead of the event.

The allocation split the 1.32 million CONX into two portions. The ecosystem fund received 822,500 tokens worth approximately $10.94 million, while the community treasury received the remaining 500,000 tokens valued at approximately $6.65 million.

Supply event adds $17.95m in CONX tokens to circulation

Cliff-style unlocks, which release tokens in a single event rather than gradually, can add short-term selling pressure when a large percentage of market cap enters circulation at once.

At current prices the unlock represents roughly 60% of CONX’s market capitalisation of approximately $30.61 million, making it one of the highest unlock-to-market-cap ratios of the week.

The broader crypto market is tracking multiple significant unlock events in May 2026. Crypto.news reported that last week’s period included over $229 million in releases across HYPE, ENA and RED, with Tokenomist data showing that large cliff unlocks draw heightened trader attention around scheduled dates.

Earlier this month, governance turbulence surrounding a separate unlock showed how vesting mechanics can generate community pushback when supply events are not well managed.

The WLFI situation, where $55.57 million was shifted into an unlock contract before a community vote halted the process, highlighted how unlock structure and governance interact.

Connex’s unlock, by contrast, follows a previously disclosed vesting schedule. The token is used to incentivise professional participation and governance across Connex’s LinkedIn-style decentralised network. Hyperliquid’s HYPE token demonstrated earlier this year that markets can absorb large unlock events without sustained price damage when underlying demand remains strong.