A token unlock is the moment a vesting schedule releases tokens from a locked bucket into circulation, where they become legally sellable. Unlocks form the calendar of future sell pressure, so we map every one. The danger is several large unlocks landing in the same month, compressing supply impact into a single window.
The market prices the aggregate calendar, not the individual bucket. Each unlock can look modest on its own while the overlap is what moves price.
How it works
An unlock moves tokens from the locked portion of a bucket to the recipient's unlocked balance. In a linear vest this happens monthly in small increments. In a tranche schedule it happens quarterly or annually in large blocks.
Either way, the moment tokens unlock they join the sellable float. They may not sell immediately, but the market must price in the possibility. Protocols that publish their unlock calendars give markets the information to price this rationally. Those that do not invite speculation and distrust.
Why it matters
Unlock impact is asymmetric. A large unlock from one insider bucket on a thin-volume day can move price materially, even if only a fraction is offered for sale.
The market cannot distinguish intent from capacity. If a wallet suddenly holds 50 million liquid tokens, the overhang affects price whether or not the holder plans to sell. Calendar transparency is part of the design, not an afterthought.
Common mistake
Teams model each bucket's unlock date and describe each as modest. The aggregate calendar, where three or four buckets begin releasing within a 90-day window, is never modeled as a combined supply addition.
The combined picture is what the market prices, and the market does not care that each piece looked small on its own.
See Token Allocation and Vesting Design for how this applies in practice.
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