There has been an interesting phenomenon in the crypto space in recent days. In mid-March, Starknet, Sei, and Connex each unlocked tokens within just two days, releasing a total of over $80 million in circulating supply. At first glance, they are all token unlocks, but the market reactions vary dramatically.

Let's look at the numbers first. Starknet released 64 million STRK, worth about $14 million, which is a linear release to the team and early investors, consistent with conventional tokenomics design. Sei released 220 million SEI, approximately $60.5 million, mainly to early private investors. But Connex's move was outrageous — directly unlocking an amount equivalent to 376.3% of its existing circulating supply. When this data came out, it definitely caused some concern.

Interestingly, the price performance showed a clear gap. After the unlock, STRK's 24-hour volatility was only 5.2%, almost no movement; Sei fluctuated by 11.7%, which is acceptable; but Connex experienced a massive 38.4% swing. Why is that? Essentially, it comes down to differences in the unlock mechanisms.

Starknet's linear release, combined with the market already digesting the expectations, dispersed selling pressure. Early Sei investors might have had profit-taking impulses, but overall, it remained manageable. Connex, on the other hand, suddenly flooded the market with liquidity, creating a supply-demand imbalance in the short term. The newly released tokens piled up, buyers couldn't absorb them all, and the price inevitably dropped.

This also highlights a reality: project teams vary greatly in their initial distribution and unlock mechanisms. Mature projects use phased releases and market communication to effectively buffer shocks. Projects with flawed distribution mechanisms tend to expose issues during unlocks. Market reactions clearly show that investors understand these differences well.