Unlock Overhang
Large allocations to insiders and early investors become transferable on a published schedule, adding sellable supply the tradable float has never absorbed.
运作方式
Token distributions commonly reserve substantial shares for a team, a foundation, and private investors, released after a cliff and then linearly over months or years. Until an unlock, those units cannot be sold on-chain, so the price is set by a much smaller free float, and the headline market capitalization multiplies that price by a supply figure that may exclude them. As unlocks approach, holders of locked allocations can pre-hedge through perpetual futures or sell forward over the counter at a discount, so price effects can arrive before the tokens do. Because vesting contracts are public, the calendar is known in advance to anyone who reads it, and the resulting flow is a scheduled feature of the design rather than an event.
实际可观测的内容
Read the vesting contracts directly to obtain cliff dates, release curves, and beneficiary addresses, and compare circulating supply, total supply, and fully diluted valuation, which is total supply valued at the current price rather than any amount ever invested. After an unlock, follow whether released tokens move to exchange deposit addresses, to a custodian, or stay put, since that movement is observable. Open interest and funding rates on perpetual markets around scheduled dates show whether positioning is anticipating the release.
哪些因素使其更重要或更不重要
Check the size of each tranche relative to average daily traded volume and to order-book depth, the concentration of beneficiaries, whether earlier tranches were sold or held, and how much of supply remains locked.
相关因素
适用资产范围
本因素适用类别中规模最大的资产。出现在此处，意味着该因素与此类资产相关，而非表示相关情况已经发生。