The Zcash mainnet upgrade enters the scheduled window, and Ethena and Hyperliquid will also welcome token unlocks. One relates to changes in protocol functionality, while the other two relate to market circulation supply, which may become important variables affecting the price fluctuations of relevant tokens in the short term.
From November 5th to 6th, the crypto market will witness a series of notable project events. The Zcash (ZEC) NU7 upgrade is scheduled to activate around November 5th, Ethena (ENA) is set for a new round of token unlocks, and Hyperliquid (HYPE) is expected to experience an unlock event on November 6th.
The nature of these three events differs, but they all may impact the market expectations of the relevant assets.
ZEC: NU7 upgrade enters the mainnet activation window
The most anticipated development for Zcash is the NU7 network upgrade.
According to the upgrade schedule released by the Zcash Foundation, NU7 plans to activate at the mainnet block height of 3,543,405, with an estimated time of around November 5th. This upgrade involves multiple aspects including block generation speed, transaction fee allocation, and transaction format.
First, Zcash's target block time will be reduced from 75 seconds to 25 seconds, theoretically shortening the user's wait time for the first block confirmation by about two-thirds.
Second, the upgrade will introduce the Network Sustainability Mechanism. Under the new rules, 60% of the transaction fees from each block will be removed from circulation and enter a reserve mechanism, with the remaining 40% allocated to miners. This design aims to support the long-term security and sustainable operation of the network.
Additionally, NU7 will phase out the v4 transaction format, while v5 and v6 transactions will remain valid. It is important to note that funds still in the original Sprout privacy pool will be unable to transfer due to the phase-out of the old transaction format; users holding relevant assets will need to address this in advance.
For ZEC, this upgrade is not only a performance adjustment but also involves changes in network economic mechanisms and the privacy transaction system. As the activation window approaches, market attention towards the privacy sector may further increase.
ENA: Approximately $17 million token unlock
Ethena (ENA) will welcome a token unlock on November 5th.
Current publicly available unlock data shows that it is expected to release approximately 93.75 million ENA, estimated to be worth about $16.9 million at that time, accounting for around 0.63% of the total supply.
The unlock recipients are primarily core contributors. Once the new tokens enter circulation, it may increase potential selling pressure in the market, but unlocking does not necessarily mean that the recipients will immediately sell.
Subsequent observations of the inflow to exchanges, on-chain transfers, and changes in ENA trading volume post-unlock will be needed to determine whether the new supply translates into actual selling pressure.
HYPE: Significant discrepancies exist regarding the unlock scale on November 6th
Hyperliquid (HYPE) is expected to experience a new round of unlocks on November 6th, with market focus mainly on the tokens received by core contributors.
However, there are notable discrepancies in the statistics of this unlock number across different data platforms: some reports specify around 180,000 HYPE, while other data platforms estimate it to reach 8.6 million, translating to about $742 million.
The significant difference between the two data sets may involve different unlocking scopes, allocation arrangements, or statistical methods. In the absence of a unified confirmation, it is advisable not to directly treat the larger number as the final unlock scale.
For HYPE, investors need to closely verify the final unlock numbers, recipient addresses, and subsequent fund flows. If the actual release scale is large, it may pose pressure on short-term circulation supply and market sentiment; if the actual scale is small, the market’s prior expectations of selling pressure may also see corrections.
What to focus on next?
This series of events primarily reflects two different market driving factors:
ZEC: Focus on whether the NU7 upgrade activates as planned, and if the block generation and fee mechanism operate normally after the upgrade.
ENA: Focus on the on-chain flow and net inflow to exchanges after the unlock of approximately 93.75 million tokens.
HYPE: Prioritize confirming the actual unlock number on November 6th to avoid basing supply pressure judgments on estimations with significant discrepancies.
In the short term, ZEC has a clear technical upgrade catalyst, while ENA and HYPE face trading expectations due to the increase in circulation supply.
Whether upgrades can translate into actual network usage, and whether unlocked tokens form genuine selling pressure, will be signals worth observing in the next two trading days.
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