A token launch can create a token, begin its distribution, or coincide with a network launch—but there is no universal sequence. A token unlock is a separate schedule event: an allocation becomes eligible for release, which does not mean it has been claimed, entered circulation, or sold. To understand what a launch makes available, check the project’s allocation schedule and how those terms are enforced.
What happens during a token launch?
A project’s launch may include creating a token, opening its network, distributing tokens to eligible recipients, or some combination of these. The term token generation event (TGE) is often used as a reference point for token creation or initial distribution, and projects may use it to anchor their allocation schedules. The exact meaning and sequence depend on the project.
For example, Tagion documents its TGE as simultaneous with its mainnet launch. That is one project’s arrangement, not a standard launch sequence. A TGE may also be used simply as the date from which vesting periods are measured. (See Tagion’s issuance documentation and Cluster Protocol’s disclosure.)
The important question is not just whether a launch occurred, but how much of each allocation is available at that point. Team, investor, community, liquidity, and treasury allocations can have different beneficiaries and release terms. A project’s total token supply therefore does not, by itself, tell you how many tokens are available to claim or trade at launch.
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What does a token unlock mean?
An unlock is when some or all of a token allocation becomes eligible for release under its schedule. Depending on the arrangement, that may mean a recipient can claim tokens from a vesting contract or that a project’s stated restriction on the allocation has ended.
Keep four events distinct:
- Scheduled unlock: the terms say an allocation is eligible for release.
- Claim: the beneficiary actually receives tokens, where a claim step applies.
- Circulation: tokens are counted as circulating under the project’s or data provider’s definition.
- Sale: a holder sells tokens in a market or through another transaction.
An unlock alone does not establish that tokens were claimed, became available on an exchange, or were sold. OpenZeppelin’s VestingWallet documentation describes contract-based vesting for Ether and ERC-20 tokens, including release mechanics. Metaplex’s Genesis vesting documentation describes schedules and claims for a token bucket. These are examples of possible implementations; they do not establish that a particular project uses either one.
How do cliffs and vesting schedules work?
TGE unlock
A schedule may specify that a percentage or amount is available at TGE. It may also specify no launch unlock. The percentage applies to the allocation named in the schedule unless the project explicitly says it applies to total supply.
Cliff
A cliff is a period or condition during which a specified allocation is not yet available. At the end of the cliff, tokens may become eligible all at once or begin releasing under another part of the schedule. Check what event starts the clock—such as TGE or a stated date—and what happens when the cliff ends.
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Linear and periodic vesting
Linear vesting releases an allocation gradually over a specified duration. A schedule may calculate that release continuously or make it available at defined intervals, such as monthly. The exact frequency and calculation method matter: “24-month vesting” alone does not tell you whether releases are daily, monthly, or handled another way.
How schedule components interact
Do not assume a cliff automatically delays every other schedule component. Metaplex’s documentation treats cliff and linear-start conditions independently. Project terms or contract logic need to say whether linear vesting starts at TGE, after the cliff, or at another point.
Schedules may also include claim requirements, custody arrangements, pause or cancellation powers, transfer restrictions, and rules about who may receive or claim tokens. These details determine what “unlocked” means in practice.
What project disclosures show: three different schedules
The examples below come from the named projects’ own disclosures. They illustrate how terms differ; they are not market averages or recommendations.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstall| Project and allocation | Terms stated by the project | What to notice |
|---|---|---|
| Cluster Protocol, $CP initial supply; 2026 disclosure | 1,369,091,667 $CP, reported as 27.38% of the stated 5 billion initial supply, unlocked at TGE. Investor allocations have a 12-month cliff followed by 24 months of monthly linear vesting; team allocations have an 18-month cliff followed by 24 months of monthly vesting. The disclosure says the full initial supply is unlocked by month 42. (Project disclosure.) | The launch unlock and later category schedules are separate figures. The cliff duration differs between investor and team allocations. |
| Bluefin Foundation, strategic participants and core contributors; undated current page | For each category, no tokens unlock at genesis, followed by a one-year cliff and a 24-month linear release. (Foundation page.) | Both categories share the stated terms, but those terms should not be generalized to other projects. |
| Tagion, TGN pre-sale investors; official issuance documentation | The page describes 10% available at its December 7, 2023 TGE, followed by a 12-month cliff and release of 5% of assigned tokens per month thereafter. It also describes separate price-based release terms. (Issuance documentation.) | This is a historical, project-specific schedule. The cited terms should be checked against the live page before relying on them. |
How to read a token unlock schedule
Compare the terms for each allocation separately rather than looking only at a project’s headline unlock figure. A useful review includes:
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- Allocation size: the number of tokens and the stated share of total supply; check which supply figure the percentage uses.
- Recipient category: identify whether the row concerns investors, team members, community recipients, liquidity, or treasury.
- Launch availability: find the amount or percentage unlocked at TGE, and whether that percentage is of the allocation or of total supply.
- Cliff: note its length and the date or event that starts it.
- Release after the cliff: check duration, frequency, and whether release is linear or otherwise defined.
- Access and control: look for claim steps, custody, transfer restrictions, pause or cancellation powers, and eligible recipients.
- Implementation: determine whether the terms are encoded in an identified contract or stated only in project documentation. If enforcement matters, check the contract’s current state rather than treating a written schedule as proof of deployment.
Duration alone is not enough to judge a schedule. A long vesting period for one category does not reveal who controls the tokens, whether another allocation unlocks sooner, or how much supply is already available.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Do token unlocks affect price?
An unlock can increase the amount of supply eligible to enter the market, which may create selling-pressure or volatility risk. It does not show that recipients will sell, how much they might sell, or what the price will do. Cluster Protocol’s own disclosure warns that additional unlocked supply could create selling pressure, volatility, or negative price effects, particularly around cliff dates and periodic unlocks. That is a project-stated risk, not a measured market-wide effect or a price forecast. (Cluster Protocol disclosure.)
The cited material does not establish a market-wide average for launch unlocks, typical cliff lengths, or a reliable price-impact estimate. Evaluate a specific event using its allocation size, recipient categories, actual claims and transfers, and relevant market conditions; the schedule alone cannot settle the price question.
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What an unlock schedule can—and cannot—tell you
A schedule can describe when an allocation is intended to become eligible for release and, in some cases, how a contract handles claims. It cannot alone establish the current circulating supply, prove that a holder sold tokens, or show that every stated restriction is enforced on-chain. Those conclusions require separate project or contract evidence.
Launch and unlock terms also do not determine a token’s legal status or the rules that apply to a particular offering. Those questions depend on the jurisdiction and circumstances, neither of which is specified by a general vesting schedule.
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