$ZRO's$20.48M unlock (4.60% of circulating supply) is partly counterweighted by LayerZero's ongoing buyback of ZRO funded with Stargate revenue. $H's $15.55M unlock (8.60% of circulating supply) is the week's largest release relative to float — and it lands on a token in a deep, post-hack drawdown.

July's combined leaderboard was anchored by two dominant stories: BTC's linear emission setting a new monthly high in absolute dollar terms, and HYPE's cliff event as the month's largest discrete unlock.

$DBR faces a $10M cliff unlock on July 17, adding 11.43% to circulating supply. GRVT confirmed a July 21 TGE, with its Season 2 allocation rising to 18% of a fixed 1B-token supply. BitTorrent introduced a revenue-funded BTT buyback-and-burn program, with its first burn set out for mid-October.

$HYPE's committed release is just $31M (0.20% of float), a fraction of the $682M its whitepaper schedule implies. Lighter and Aster advanced their own buyback-and-burn programs, part of a broader shift toward tying token value to protocol revenue.

SUI's July 1 release is a routine monthly community cliff. SPEC's unlock expands its circulating supply by roughly 17%. Aave previewed "Aavenomics 3.0" — an automated, non-discretionary buyback funded by 100% of protocol and GHO revenue.

A 236-event study: token-unlock price drops are real but conditional — concentrated in early-stage, thin-float tokens, and mostly priced in before the unlock.

$H unlocks $55M on June 25 into a fragile, post-hack market, though a forced investor election clouds how much actually hits the float. $NEWT releases 64% of current circulating supply, concentrated in a single Core Contributor cliff.

$ZRO releases $23M on June 20, a release that notably includes a slice of Strategic Partners and Core Contributors. SpaceX's $75B IPO locked up 95.8% of shares, creating a staggered $323B overhang that mirrors the cliff-and-vest mechanics crypto investors track every week.

The cliff leaderboard in June was defined by extreme concentration at the top. HYPE's cliff event was the dominant structural story, but below the top line, three tokens — CONX, NEWT, and SAHARA.