How token vesting works

Token vesting is how projects release tokens gradually over time instead of all at once. If you're an investor, team member, or trader, understanding the vesting schedule tells you when new supply hits the market.

The building blocks

• Cliff: a date before which nothing is claimable. At the cliff, the first chunk unlocks in one step.
• Linear vesting: tokens unlock smoothly, second by second or block by block, between a start and end date.
• Tranched (stepped) vesting: tokens unlock in discrete chunks on set dates, for example 25% every quarter.
• TGE unlock: a portion released at the Token Generation Event, often followed by a cliff and then vesting.
• Lock: the whole amount is held until a single unlock date, then withdrawable in full.

Claimable vs locked

At any moment a stream splits into three parts: the amount already withdrawn, the amount claimable now (vested but not yet withdrawn), and the amount still locked. Nothing is claimable before a cliff. Vestream computes all three for every stream so you see exactly what you can claim today and what's still to come.

Why unlocks matter

An unlock is a supply event. For a recipient it's income you can claim and plan around. For the wider market, a large unlock can add sell pressure. That's why Vestream prices each unlock in USD and lets you filter for the biggest ones. See the unlock calendar.