Unlock Schedule
The calendar showing when locked tokens become transferable and enter circulating supply.
An unlock schedule aggregates every vesting contract, treasury release, and ecosystem distribution into dated tranches, usually broken down by recipient category such as team, private investors, and community programs. Analysts express an upcoming tranche as a percentage of circulating supply, or as a multiple of average daily trading volume, to describe how much newly transferable supply arrives relative to the market that could absorb it. Sources are the issuer's published tokenomics and the on-chain vesting contracts themselves, and the two disagree often enough that both should be checked. Schedules can be amended when the release is controlled by governance rather than by immutable code.
In practice
A tranche equal to several times the asset's average daily trading volume is described as large in relative terms, regardless of what recipients subsequently do with it.
The common misunderstanding
An unlock is a change in what can move, not a sale; unlocked tokens may sit untouched in the same wallet for years.