The Humanity Foundation has recently made significant adjustments to the $H token allocation plan for investors. The unlocking plan originally scheduled to start on June 25, 2026, and release over six quarters, is now required to respond via email before April 26 at UTC 09:00, making a final choice between two options: 1. Extend the distribution plan, starting the unlocking on September 25, 2026, and extending to 12 quarterly equal distributions. 2. 3:10 reduction ratio for immediate unlocking, replacing the original 16,666,666 $H with 5,000,000 $H (a 70% reduction), fully paid out in one lump sum on June 25, 2026. Currently, early investor institution Trix Ventures has publicly disclosed its choice of the discounted immediate unlocking plan. It is reported that this institution invested during the project phase valued at about 60 million USD, and even after the 3:10 discounted replacement, it can still achieve about 7 times the return.

It is worth noting that Humanity Protocol had previously reached an in-depth cooperation with payment giant Mastercard, giving the project's fundamentals backing from traditional financial institutions. The on-chain identity verification track it occupies is currently in the early stages of market size, but with the ongoing expansion of AI-generated content and automated accounts, the demand for real on-chain identity verification is widely believed to experience exponential growth, and this track has long-term potential to become a leading project in the Web3 infrastructure field. The project is about to face a massive unlocking pressure test, and whether it can grow explosively alongside the AI track is crucial.

1. 3:10 Ratio Immediate Unlocking: The Only Rational Exit

Although a 70% book loss is extremely heavy, in the current Web3 bear market cycle, "certain liquidity" far outweighs "illusory book numbers," and cashing out is paramount. The deferral option extends the cycle to three years. In a volatile market, the survival ability of the protocol, technological iterations, and even team certainty three years down the road are huge unknowns. Professional investment institutions generally face pressure from LPs for returns, and the "locked in" 30% cash flow has much higher turnover value than the 100% token value that may drop to zero in three years.

2. June 25, 2026, Will Face "Death Spiral" Pressure Test

Choosing the 30% option is primarily to recoup funds, aiming to occupy a survivable position before a potential "dump accident" occurs.

A massive "sell wall": If 80% of investors choose to unlock on June 25, there will be about 3.3% of the total amount (330 million pieces) of $H tokens flooding into the market simultaneously. Institutional front-running and hedging: After confirming the choice on April 26, there will still be a two-month release window, and institutions will likely sell out through contract short positions or DEX lending to hedge. This behavior of "selling out before the due date" could lead to significant profits being locked in by some investors before June 25, potentially causing the price to halve even before the date arrives. On-chain hunting: Since Sablier contracts are used, the release plan is completely transparent. Quantitative teams and shorting bots will accurately target the release nodes on June 25. By opening high-multiplication short positions in the contract market to lock in profits in advance, the price could face the risk of halving before the unlocking day.

3. Liquidity Drought: Defensive Withdrawal of Market Makers (MM)

Maintaining liquidity requires market makers. When the market anticipates that a massive amount of tokens (even discounted) will be concentrated and released on June 25, to prevent large sell orders from crashing the market, market makers may choose to withdraw buy depth in advance. When investors try to sell 5,000,000 $H on exchanges, due to significant slippage, the actual cash-out value may be less than 10% of what it originally was.

4. Historical Lessons

Starknet (STRK): In February 2024, Starknet planned to conduct a large-scale unlocking just two months after its launch. The plan was met with backlash for being overly aggressive and extremely unfriendly to the secondary market, leading to a zero trust premium from investors. Its price fell more than 95% from its peak, becoming a typical "zombie L2." ApeCoin (APE): At that time, $APE also involved a large-scale investor unlocking, with the market preemptively selling off about 30 days in advance. At the crucial allocation release point, the price still dropped 77% over seven months. If the Humanity Foundation unlocks 100% of the tokens for over a hundred investors on June 25, 2026, it will be seen by quantitative traders as a "sell pressure nuclear bomb." Even if only 50% of people unlock, the amount of chips will far exceed the buy depth the market can provide. Valuation trap: The "discounted exit" cases of Vesta Finance (VSTA) and Hope.money are also fresh in memory.

5. Making a Decisive Choice for Immediate Unlock on June 25 is the Wise Option

For early investors who have already made a profit, choosing the immediate unlocking option on June 25 essentially transforms the tokens back into "free capital." It is known that the Humanity Foundation has sent this message to over a hundred investors. In an environment where all parties are worried about being late to run, being at the front of the release queue is the only risk avoidance strategy.

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