Ethena Labs, Bitway and Kite AI have listed token unlocks with stated values of about $25.64 million, $110 million and $76.84 million, respectively. Kite AI’s release covers 670 million tokens, equivalent to 27.9% of its circulating supply, while Bitway’s covers 100 million tokens and Ethena’s 140 million units. Ethena’s USDe is an algorithmic stablecoin that uses BTC and stETH collateral, together with BTC and ETH short positions, to balance price exposure and use perpetual or futures funding rates to support its peg and generate returns. Bitway is a Bitcoin-compatible appchain built with Cosmos-SDK and CometBFT, offering native Bitcoin lending, noncustodial collateral through Discreet Log Contracts, and a validator-operated FROST signing bridge called ɃTCT. Kite AI is developing infrastructure for an open, decentralized Agentic Internet, with shared identity, payment and governance rails for autonomous agents.