Token Unlocks: Why They Matter and Where to Track Them

Token unlocks are scheduled releases of tokens that were locked at launch, such as team, investor or ecosystem allocations. Each unlock adds to the circulating supply, so it can add selling pressure when the new tokens are large compared with what already trades. You can track upcoming unlocks on Tokenomist, which lists every event with its date, amount and recipients.

This guide explains how an unlock works, the two release shapes you will see in trackers, and how to read an unlock entry before you act on it. Supply numbers come from the CoinGecko API and vesting terms from the Arbitrum Foundation docs, both checked on 26 Oct 2026.

How token unlocks work

When a project launches a token, most of the supply is not tradable. The team, early investors and the treasury receive their share under a vesting schedule: a rule that says when each part can move. Until a date passes, those tokens sit locked and are not part of the circulating supply.

An unlock is the moment a locked part becomes free to move. The holder can then keep it, stake it, or send it to an exchange. Nothing forces a sale. An unlock only changes how many tokens are able to reach the market.

The gap between locked and circulating supply is visible on CoinGecko. If you compare market cap with FDV, the difference is the supply that is still to come, and unlocks are how that supply arrives. On 26 Oct 2026, CoinGecko's figures put the share of total supply not yet circulating at 58.8% for Sui, 31.1% for Arbitrum, 27.0% for Aptos and 25.4% for Starknet. NEAR showed 0.0%, because its circulating supply equals its total supply on CoinGecko.

A large locked share does not say when tokens unlock or who gets them. It only says that supply is still ahead. The schedule gives the timing.

Cliff and linear: the two release shapes

Projects describe vesting in different words, so trackers sort releases into two types. Tokenomist's methodology defines them like this: a cliff unlock is a release at a set interval longer than one day, such as weekly, monthly or quarterly. A linear unlock is a continuous, daily release of a specific number of tokens.

Note that this is Tokenomist's own classification. Under it, a monthly release counts as a cliff even when the schedule spreads tokens over many months. Many projects also use "cliff" for a single large release after a waiting period, and the figure below shows that classic idea next to a steady release.

Both lines end at the same level. The cliff line stays flat, then jumps within a short window. The linear line adds a little each period. The trader's question is the same for both: how big is the next step compared with the supply that already trades?

A real schedule: Arbitrum

Arbitrum is a good example because its Foundation docs state the terms. The token generation event was on 16 Mar 2023. The Foundation's docs allocate 26.94% of the initial supply to team, contributors and advisors, and 17.53% to investors. All investor and team tokens are subject to a four-year lockup. The first unlock came one year after the token launch, and the tokens then unlock monthly over the remaining three years.

The docs do not give the size of each monthly release, so this guide does not either. For amounts and exact dates, use a tracker and then confirm against the project's own announcements.

How to read an unlock entry

A tracker entry packs a lot into one row. Tokenomist's docs say that an event shows the release value, token amount, supply impact, estimated date and timing precision, and the allocation breakdown. Check these five things, in this order.

1. Date and time in UTC. Convert to your own time zone, and check the timing precision. An "estimated" date can move.
2. Amount against circulating supply. A release of 0.5% of circulating supply and one of 8% are different events. Percentage matters more than the dollar value.
3. Who receives the tokens. Team, investors and an ecosystem fund behave differently. The allocation breakdown tells you which one it is.
4. Cliff or linear. One large step and a daily trickle affect the order book in different ways.
5. Volume and order-book depth. The same unlock is easy to absorb on a liquid pair and hard on a thin one. Compare it with recent volume on the exchange you trade.

To see how the market reacted to a past unlock, look at the coin's price chart around the unlock date, for example on its market page. Sizing the position for the extra volatility is a separate step; the position size calculator handles it.

Mistakes to avoid

• Treating every unlock as a sell signal. Recipients may hold, stake, or have already hedged. The date shows possible supply, not a sale.
• Ignoring the date's precision. A date marked as an estimate can shift.
• Using the dollar value alone. A large amount in dollars can still be small against circulating supply.
• Trusting one tracker. Cross-check amounts against the project's docs or announcements.

For more explanations like this one, see the Trader's Handbook.

FAQ

What is a token unlock? A token unlock is the moment a locked allocation becomes free to move, according to the project's vesting schedule. It raises the number of tokens that can be traded.

Do token unlocks make the price fall? Not automatically. An unlock raises potential supply. Whether it becomes selling pressure depends on the recipient, the size against circulating supply and the liquidity on the day.

Where can I track token unlocks? Tokenomist (tokenomist.ai) has a token unlocks table and a calendar view with week, month and schedule layouts. Check amounts against the project's own docs.

What is the difference between a cliff and a linear unlock? In Tokenomist's classification, a cliff is a release at an interval longer than one day, such as monthly, and a linear unlock is a daily release. Projects often use the word cliff for one large release after a waiting period.