%Circ is the unlocked amount divided by circulating supply; %Total is the unlocked amount divided by total supply. Same unlock, same numerator, two denominators answering two different questions: how much the tradeable float expands today, versus how much of the lifetime schedule the release consumes. Succinct's August 2026 unlock read 104.17% circ and 20.83% total in the same event.

24h trading volume is the total notional value of a token traded across covered venues over a rolling 24 hour window. It measures what did trade rather than what could trade, which is why it is a weak proxy for liquidity when read on its own.

30-day supply growth is the percentage increase in a token's circulating supply over the trailing month. It is a realised measurement rather than a projection: it counts supply that has already reached circulation, whichever channel delivered it, which makes it the most direct way to rank which tokens are diluting fastest right now.

A Pro-tier filter preset in Tokenomist's Unlock Events tab that displays unlock events scheduled 7 or more days from today, used for forward-looking position planning and risk management ahead of major supply events.

How much newly unlocked supply a market can take without price dislocation, measured by sizing the release against daily trading volume, order book depth and existing float. It is a ratio rather than a token count, which is why LAVA's $2.37M release into a market trading under $1M a day was a harder ask than Hyperliquid's $607.69M cliff into a deep book.

An active claim is a token unlock currently in the committed or announced window, the period between the team's public announcement and on-chain execution. Active claims represent the most imminent and market-relevant supply changes.

Adjusted market cap is Tokenomist's proprietary valuation metric that multiplies the current token price by the adjusted released supply: all tokens that have exited their locked state, including those still held by insiders. It provides a more accurate picture of actual market exposure than standard reported market cap.

A free distribution of tokens to users who meet eligibility criteria, typically past users of a protocol, holders of a specific asset, or users reaching a points threshold. Airdrops serve as a user acquisition and distribution mechanism, converting existing users or community members into token holders with immediate governance rights.

A filter preset in Tokenomist's Unlock Events tab that displays every scheduled token release across all mechanisms (cliff, linear, mining, and yield farming), providing the broadest, unfiltered view of a token's supply expansion.

An announced claim is the status assigned when a project team publicly discloses the exact amount of tokens that will be claimed, before the transaction is executed on-chain. It sits between the whitepaper estimate and on-chain confirmation in Tokenomist's claim lifecycle.

Assumption and precision is Tokenomist's dual-axis framework for grading data confidence. Every unlock data point carries an assumption type (how the data was sourced) and a precision level (how accurately the timing is known), giving users transparent confidence grades for every metric.

A Beacon Chain deposit is the transaction that sends ETH to Ethereum's staking deposit contract in order to activate a validator or add to its balance. Tokenomist reports the running total of ETH deposited into that contract, which is the gross inflow side of the network's staking balance.

Beneficiary categories are Tokenomist's six standardized groups for classifying every token allocation: Founder/Team, Private Investors, Public Investors, Reserved, Community, and Other. This normalization enables apples-to-apples comparison of allocation structures across different projects.

A filter preset in Tokenomist's Unlock Events tab that surfaces only major unlock events exceeding $10M in value, excluding mining and yield farming, designed to highlight the most impactful supply events that can meaningfully move token prices.

A block reward is the new supply a protocol mints and pays to whoever produces a block: miners in proof of work, validators in proof of stake. It is issued continuously by protocol rule, driven by parameters like block time and reward rate, so it usually does not appear on a vesting schedule and has no unlock date to count down to, though Filecoin is a genuine exception where the block rewards themselves vest linearly.

Buyback yield is the annual amount a protocol spends repurchasing its own token, expressed as a share of market cap. It is the shareholder-yield analogue for tokens: it converts a buyback headline in dollars into a rate that ranks across projects of very different sizes, and it only becomes a judgement once you read it against the revenue funding it and the ending the purchased tokens meet.

Circulating supply is the number of tokens available for open market trading: tokens that have been transferred out of stakeholder wallets. Tokenomist distinguishes this from released supply (unlocked but possibly still held by insiders), giving a more accurate picture of what is actually tradeable.

Claim percentage is the share of total token supply represented by a single claim transaction. It appears as a column in Tokenomist's Supply Analytics Claimed table and helps investors assess the magnitude and potential market impact of individual unlock events.

Claim restraint is a beneficiary repeatedly claiming materially less than its vesting schedule entitles it to, leaving the balance sitting unclaimed in the vesting contract. It turns the whitepaper figure into a ceiling rather than a forecast, and converts a dated supply event into an undated overhang.

Claim status is the verification tier assigned to each token unlock in Tokenomist's three-stage claim lifecycle: Whitepaper (estimated from project docs), Committed (announced by team, not yet on-chain), or Completed (claimed and verified on-chain).

Claim to address is the destination wallet that received claimed tokens in an on-chain claim transaction. Displayed in Tokenomist's Supply Analytics Claimed table, it reveals whether unlocked tokens were sent to exchange wallets, personal wallets, or DeFi protocols.

Claimed supply represents tokens that have been fully executed and verified on-chain, the final state in the claim lifecycle. On Tokenomist's Released Progress bar it measures the subset of unlocked supply that beneficiaries have actively withdrawn to their wallets. It normally sits below unlocked supply, but it is not bounded by it: claims can be recorded before the scheduled unlock date, and tracked claims can exceed the published schedule.

The date an allocation's initial lockup runs out and its first tranche of previously untouchable tokens becomes releasable, most commonly 12 months after TGE. Because float is at its thinnest going in, cliff expiry is frequently the largest single-day float expansion in a token's life: Succinct's expiry on August 5, 2026 released 104.17% of circulating supply.

A cliff unlock concentrates sell-side pressure into a single event, making it the highest-impact date on any token's unlock calendar. In Tokenomist's emission methodology, a cliff is any discrete token release occurring at intervals exceeding one day (weekly, monthly, or quarterly) as opposed to daily linear emissions.

A committed claim is the firmest pre-execution status in Tokenomist's claim lifecycle, indicating that the team has announced a specific amount will be claimed but the transaction has not yet been confirmed on-chain. It represents the final stage before completion.

The countdown is the time remaining until a scheduled token unlock or claim event. In Tokenomist's Supply Analytics table, it displays relative time for distant events ("3 months left"), switches to a live HH:MM:SS format within 24 hours, and shows elapsed time for past events ("2 months ago").

Crypto market emission is the aggregate dollar value of all scheduled token releases across the market over a week, month, quarter or year. It is the top-down measure of whether the market as a whole is facing a heavy or a light supply period, independent of what any single token is doing.

A cumulative unlock projection is the running total of everything a token is scheduled to release between now and a chosen future date, stated both as a share of total supply and as a cumulative dollar value. It collapses a calendar of separate events into one forward curve, which is what makes two tokens with entirely different schedules directly comparable.

Two ways of plotting the same vesting schedule. A cumulative chart plots supply released to date, so the line only ever rises and each unlock reads as continuation. A non-cumulative chart, which Tokenomist labels the unaccumulative view, plots the amount released in each period, so every cliff appears as its own bar. Switching between them is the difference between measuring total dilution by a date and measuring the size of one event.

A digital asset treasury company accumulates a specific token on a corporate balance sheet, funded by capital markets raises, equity, convertibles or preferred, rather than protocol revenue. It acts as a third party demand sink that can absorb scheduled unlocks, but the bid is a dated, sized programme rather than a permanent feature of the token's economics.

Discretionary vesting is a distribution structure that authorises a beneficiary to claim up to a scheduled maximum without obliging it to claim any of it. The contract sets a ceiling, the beneficiary chooses the amount and often the timing, so the projected unlock is an upper bound rather than an expectation of supply that will actually reach the market.

Dynamic emission indicates whether a token's emission schedule is variable or reactive rather than fixed and predetermined. On Tokenomist, tokens with buyback, burn, or governance-adjustable emission mechanisms are classified as dynamic, while those following a predetermined timeline are classified as fixed.

An early-claim penalty lets a beneficiary take tokens ahead of the schedule at the cost of forfeiting part of the claim, usually on a forfeiture rate that declines as the wait lengthens. 0G's AI Alignment Node allocation charged 60% at TGE, stepping down to 50% at day 90, 35% at day 180, 20% at day 270 and nothing from day 365. Because each holder chooses, released supply becomes a range rather than a figure.

Emission is the net change in released supply over a period, representing the rate of supply dilution or contraction. The formula is Emission = Inflation - Deflation, capturing both new supply entering the market and supply permanently removed.

The emission allocation split is how each period's newly issued tokens divide among recipients: stakers, liquidity providers, a community pool or treasury, and developers. The emission rate answers how much new supply arrives; the split answers who receives it and who is merely diluted by it. Osmosis raised the staking share from 25% to 50% of issuance in its OSMO 2.0 proposals, and net staking yield moved from -4.1% to 21.8%.

Emission sustainability is the test of whether the fee income a protocol generates can absorb the dollar value of the tokens it emits over the same period. It is a ratio rather than a rate: emission priced in dollars on one side, the revenue actually available to buy tokens back on the other. When the second is smaller than the first, the incentives are being funded by dilution.

An escrowed token is a non-transferable wrapper that a protocol pays rewards in. The recipient earns it immediately but cannot sell it: the escrowed balance must itself convert into the liquid token before it reaches circulating supply, on terms the protocol sets and often on a wait the holder picks. Xai pays sentry node operators in esXAI, and Lybra Finance pays esLBR, described in its own documentation as an escrow version of the LBR governance token.

ETH staking APR is the annualized rate of return for staking ETH on the Beacon Chain. It combines newly issued ETH paid by the consensus layer with priority fees and MEV captured at the execution layer, and it is a floating rate that falls as more ETH is staked.

The ETH withdrawal queue is the rate limited path staked ETH takes to get back to a wallet. Tokenomist reports the total amount of ETH currently pending withdrawal from the Beacon Chain, plus the estimated amount and value due to arrive over the next several hours.

A fair launch distributes a token without selling any of it to investors or insiders at a privileged price ahead of the public. Because no pre-sale allocation exists, there is no investor vesting schedule to expire and no scheduled investor unlock by construction. What it does not remove is team allocations, foundation and ecosystem buckets, or ongoing emission, each of which can still expand the float substantially.

A fee burn is a burn written into the protocol itself, where part of every transaction fee is destroyed automatically rather than paid out. The size of the deflation therefore tracks network activity, not a treasury balance or a team decision, and it only shrinks supply once it outpaces issuance.

Fee routing is the policy that decides what share of the fees a protocol collects goes where: into token buybacks, to stakers, to a burn address, into a treasury or trust, or back to the operating company. It is set by governance or by the team, it can change independently of how much the protocol earns, and it is the step that determines whether revenue reaches holders at all.

Float % is the percentage of a token's final tradeable supply that is already liquid. On Tokenomist it is calculated as released supply divided by max supply, both net of permanently burned tokens, with Year-2035 projected supply substituted for tokens that have no max supply. A low Float % means most supply is still locked, making the token more sensitive to unlock events.

A float-doubling unlock is a single scheduled release equal to or greater than 100% of circulating supply, so the event at least doubles the tokens available to trade. It is defined against the float rather than against dollars, which is why the events that qualify are usually modest in dollar terms and disappear from an unlock calendar ranked by value.

Fully diluted valuation (FDV) is the theoretical total market value of a cryptocurrency assuming all possible tokens are in circulation, revealing the full dilution burden that future unlocks impose on today's holders. For tokens with a defined max supply, FDV = Current Price x Max Supply. For unlimited-supply tokens, Tokenomist uses Year-2035 projected supply to provide a bounded estimate.

A pre-programmed cut, usually of 50%, in the new supply a network pays out per block. It fires on a protocol trigger rather than a date, usually a block height and on networks like Bittensor a cumulative issuance threshold, so the emission curve steps down rather than tapering. Bitcoin's 2024 halving took the block reward from 6.25 BTC to 3.125 BTC at block 840,000, and Bittensor's first halving in December 2025 cut daily issuance from 7,200 TAO to 3,600.

Holder concentration is the share of a token's supply held by its largest wallets, usually quoted as the top 5, top 10 or top 100. Circulating supply tells you how many tokens are unlocked; concentration tells you how many of them are realistically available to trade, which is why a token with a respectable float can behave in the market as though its float were a fraction of the reported number.

Implied FDV is the fully diluted valuation a fundraising round implies, and dividing it by the project's total supply backs out the per-token entry price investors came in at. Rounds are usually announced as a dollar valuation with no per-token price attached, so this division is the only way to put private investors on the same price axis as spot. It is a reconstruction, not a reported figure, and it breaks whenever the round was not a clean token sale.

A Pro-tier filter preset in Tokenomist's Unlock Events tab that isolates team and private investor token releases: the most market-sensitive unlock events, often watched closely by traders and institutional investors for sell-side signals.

Investor cost basis is the price each cohort paid per token: seed, private, public sale, or nothing at all in the case of an airdrop. It decides whether an unlock frees holders sitting on large gains or holders who are underwater, and therefore how much of the released supply is likely to be sold.

A release conditioned on a published, measurable performance threshold rather than a calendar date. MegaETH put 53.3% of total supply behind KPIs and gated its own TGE the same way, holding it until seven days after a named milestone was hit. Backpack applied the model to the 75% of supply not distributed at launch.

Linear vesting produces predictable daily dilution that the market can absorb incrementally, making it the lower-impact component of any token's emission profile. In Tokenomist's methodology, linear emission is defined as the continuous, daily release of a specific number of tokens, as opposed to cliff events that occur at wider intervals.

A liquid staking token is a transferable receipt minted against assets staked through a protocol, such as stETH from Lido Finance or rETH from Rocket Pool. It represents the underlying stake and its accrued rewards, and it can be traded, lent or posted as collateral while the stake behind it stays bonded, so supply that staking removed from the float returns to the market as a claim.

A tokenomics mechanism where protocols distribute newly minted tokens to users who provide liquidity to decentralized exchanges or lending protocols. Miners earn protocol tokens proportional to their liquidity contribution, incentivizing capital deployment and reducing the cost of bootstrapping trading volume.

The loan and call option model is a market making arrangement where the issuer lends tokens to the market maker for inventory, and the market maker is compensated with call options over some or all of those tokens rather than a cash fee. It is the most common structure in crypto market making and the one most often misunderstood by first time issuers.

Locked supply is the number of tokens that have been restricted to prevent trading in the public market. These tokens have specified lock durations and release mechanics (either cliff-based or linear) that determine exactly when they become available.

Locked token staking is whether an allocation still inside its lockup may be staked. It is a permission separate from vesting: where it is allowed the principal stays illiquid while the stake still earns, and whether those rewards arrive liquid or fold back into the lockup is a second design choice that decides whether a beneficiary can draw sellable income from tokens no unlock calendar shows as released.

A locked-allocation burn destroys tokens from an allocation that has not yet vested. Because those tokens were never trading, circulating supply is unchanged on the day it executes: what shrinks is max supply and the forward unlock calendar. World Liberty Financial required participating insiders to permanently burn 10% of the allocation they enrolled before the remainder could enter a vesting schedule.

Low float refers to tokens with small circulating supplies relative to their fully diluted value (FDV). Tokenomist's "Released %" metric in the Token Unlocks table shows exactly what fraction of total supply is currently in circulation, making it straightforward to identify tokens where this mismatch creates price volatility risk as locked tokens unlock.

Maker volume is volume that traded against a market maker's own resting orders, the passive side that others bought from or sold into. Taker volume is volume where the firm crossed the spread to trade against existing orders, activity that consumes liquidity rather than providing it. Tokenomist reports both, and their combined total, on the Volume Leaderboard.

Market cap (market capitalization) is the total market value of a token's circulating supply, calculated as Current Price multiplied by Circulating Supply. It is the most widely used metric for comparing the relative size and valuation of crypto assets.

Market cap to TVL divides a token's market capitalisation by the value of assets deposited in its protocol. It asks what the market pays for each dollar of capital the protocol has actually attracted. Running the same division on fully diluted value asks the question against all future supply instead, and the two answers can diverge far more than the underlying businesses do.

Market cap (circulating supply × price) measures a token's current tradeable value, while FDV (max supply × price) represents its theoretical value if all tokens were in circulation. The gap between them quantifies the dilution still ahead. A token trading at $1B market cap with $10B FDV has 90% of its supply yet to enter the market.

A market maker composite score is the weighted overall score used to rank market makers across the leaderboard, reflecting performance across trading KPIs, trust, coverage and capabilities, uptime, and integration level. The rank is the ordering that score produces, and the grade is a letter compression of the same number.

A market maker fee structure is the combination of ways a market making firm is compensated for quoting a token: a cash retainer, call options over loaned tokens, a share of exchange rebates, or some mix of the three. Understanding which components a quote contains is what makes two proposals comparable.

Market maker KPIs are the numeric obligations a market making agreement places on the firm: how tight the quoted spread must be, how much size must sit on each side of the book, and what proportion of the time those quotes must be live. They are what separates an enforceable agreement from a statement of intent.

Market maker uptime is the proportion of a measurement period during which a firm's quotes were live and met an agreed obligation. Tokenomist reports it per obligation as depth uptime and spread uptime, and together as combined uptime, which requires both to hold at the same moment. Combined uptime is the figure that turns instantaneous targets into a service level.

A market making agreement is the contract between a token issuer and a market making firm that defines what the firm must quote, on which venues, for how long, and on what commercial terms. It is the document that turns a verbal promise of liquidity into an obligation you can measure and enforce.

Max supply is the ceiling on how many tokens can ever exist. Tokenomist reports it net of permanently burned tokens, so the figure is the hard cap on total issuance after accounting for burns rather than the raw protocol cap. It is the supply term in the FDV formula (FDV = Price × Max Supply) and the denominator behind Float % and Released Percentage.

A node sale allocation is the slice of token supply reserved for buyers of a node licence or node hardware. The buyer pays cash up front for the right to run a node, and the tokens arrive afterwards on a release schedule, so the same programme works as a fundraise and as a distribution channel at once. Because the reward is earned over time rather than bought at a price, it does not behave like a launchpad round.

A discrete, cliff-style token release flagged for investor attention, the primary unit tracked in Tokenomist's Unlock Events table. These are high-impact events where large blocks of tokens become available simultaneously.

An on-chain claim is the transaction where a beneficiary withdraws unlocked tokens from a vesting contract to their wallet. Until claimed, unlocked tokens remain in the contract. The delay between unlock and claim reveals whether holders intend to sell, hold, or deploy their tokens elsewhere.

Order book depth is the total notional value of resting orders on each side of the book within a stated distance from the mid price. Depth is what determines how much size a participant can trade before the price moves against them, and it is only meaningful once that distance threshold is stated.

A negotiated, off-exchange sale of tokens that already exist, usually out of a project treasury. It mints no supply, and because the tokens sold are usually locked or reserved it moves no circulating figure either; what changes is who owns the tokens and what they intend to do with them. WLFI's treasury allocation fell about 6.91B tokens between September 2025 and May 2026 while its insider and partner pool rose 5.88B, a shift the project attributed to private treasury sales.

A points program awards non-transferable units for specified user activity before a token exists. Points carry no market price and no contractual conversion rate, but they are the ledger a protocol later uses to size an airdrop or a whitelisted sale allocation, which makes an accumulated balance an expectation of future supply rather than a loyalty perk.

Protocol revenue is the fee income generated by a blockchain protocol, such as transaction fees, swap fees, or lending interest. Real yield occurs when this revenue is distributed to token holders, offsetting token inflation.

A funding round announced to the public and open to public participants, run as an ICO, IDO or IEO and settled before or at the token generation event. In Tokenomist's standardised allocation framework it is the Public Investors category, which averaged roughly 4.6% of supply across the 2022 to 2023 sample, down from about 35% in 2018. It is usually the shortest-vesting tranche on the cap table.

Raise amount is the total capital raised by a crypto project across all fundraising rounds, including seed, private, public, and strategic sales. On Tokenomist, it appears as a header stat on token detail pages and helps contextualize investor allocations and their potential sell pressure when vesting cliffs expire.

A release mechanism is the channel through which new supply reaches circulation: mining and validator rewards, staking, yield farming, airdrops and retroactive distributions, auctions and public sales, initial liquidity, activity-based rewards, or scheduled vesting. This entry covers that issuance-channel sense. Tokenomist also uses the same phrase for the custody rail a project releases from, which is a separate question covered at the end.

The percentage of supply that a specific unlock event or upcoming claim represents. For Whitepaper status tokens it is calculated against released supply; for Committed or Completed tokens it is calculated against tracked supply excluding burns.

Released Progress measures how much of a token's total release schedule has completed: tokens released divided by total planned releases, including tokens later burned. It reaches 100% when every scheduled unlock has finished. On Tokenomist's token detail page it is drawn as a dual bar showing Unlocked Supply and Claimed Supply across five supply states (Unlocked, Claimed, TBD Locked, Total Locked, and Untracked).

Released supply is the total amount of tokens that are unlocked and claimable, including those still held in stakeholder wallets. Released supply is always greater than or equal to circulating supply because it counts tokens that insiders have earned but not yet sold.

Reported market cap is the standard market capitalization figure calculated by multiplying a token's current price by the circulating supply reported by external data providers like CoinGecko. It is the baseline valuation metric shown in the Fundamentals section of Tokenomist's token detail pages.

Restaking commits assets that are already staked, native ETH or a liquid staking token, to a second security role, so the same capital serves as cryptoeconomic security for protocols beyond the chain it was staked on in exchange for protocol fees and rewards. EigenLayer introduced the model on Ethereum after launching in 2023, had passed $6 billion in TVL by April 2024, and now also accepts EIGEN and other ERC-20 tokens that were never staked anywhere.

A retainer model market making deal pays the market making firm a fixed fee per period, usually monthly, to meet defined quoting obligations. The issuer keeps its tokens and grants no options, so the firm's compensation is tied to the service rather than to the token price.

Stake-directed emissions are newly issued tokens whose destination is set continuously by where staked capital sits, rather than by a vesting calendar or a governance committee. The total issued per block stays fixed, but the split between recipients is recomputed in real time as capital moves.

A staking lockup is a period during which tokens are locked to participate in network validation or earn staking rewards. Locked tokens are removed from circulating supply and cannot be traded, reducing effective float and creating slashing risk for validators.

Staking rewards are newly issued tokens paid to validators, delegators and stakers for securing a proof-of-stake network. They are an ongoing emission stream that sits outside any vesting schedule, they dilute holders who do not participate, and they are often the only supply still growing once every insider allocation has fully unlocked.

Supply offset is the share of circulating supply that a project's own burn or buyback activity has taken back out of circulation, expressed as a percentage. Tokenomist reports it as a separate figure on the Burn tab and on the Buyback tab, because the two mechanisms remove supply differently and are not summed into one number.

Supply overhang is the stock of tokens still to come, both locked on a published schedule and locked with no date attached, measured against today's circulating supply. It is the anticipatory weight the market carries before anything is released, as distinct from the selling that happens when tokens actually land.

The downward price force created when a large quantity of previously illiquid tokens (vested, locked, or escrowed) enter circulation and are available for sale. Supply pressure occurs when new token supply outpaces demand, forcing prices down as sellers flood the market.

Supply states are the three categories Tokenomist uses to classify a token's total supply: Released (unlocked and accessible), Unreleased (still in vesting with a predetermined release date), and Untracked (supply that cannot be on-chain verified or categorized). This breakdown is visible in the tooltip when hovering over the Released Progress bar on token detail pages.

TBD locked supply consists of tokens locked without a determined release date, often held in a treasury or reserve pending a future event such as a governance vote or operational milestone. These tokens represent the most unpredictable source of future dilution.

The fully diluted valuation a token lists at, read against the valuation of its last private round. Tokenomist's study of eight high-profile launches found launch valuation to be the key differentiator in post-TGE performance: three of the four tokens still positive 30 days after listing debuted with FDVs between $1B and $5B, while SUI and STRK launched above $20B and ranked among the worst performers.

Token allocation is the division of a protocol's total supply among six standardized categories defined by Tokenomist: Founder/Team, Private Investors, Public Investors, Reserved, Community, and Other. The allocation ratios and vesting schedules attached to each category determine unlock risk, dilution trajectory, and who controls future supply.

Token burns permanently remove tokens from circulating supply, directly reducing dilution pressure on remaining holders. Tokenomist classifies every burn event along two dimensions: Type (Programmatic vs Non-Programmatic) and Reason (Governance, Protocol Design, or Project Decision), enabling apples-to-apples comparison across projects.

Token buybacks are how protocols use revenue to offset sell pressure, converting earnings back into demand for the native token. Tokenomist classifies every buyback event along three dimensions: Type (Buyback & Burn vs Treasury Buyback), Source (Revenue, Treasury, Protocol Fees, or External Funding), and Precision (On-chain Exact, Reported, or Estimated), so you can distinguish verified, sustainable programs from marketing announcements.

Token dilution reduces each existing holder's proportional share of a protocol's value when new tokens enter circulation via unlocks, emissions, or airdrops. The severity depends on the rate of new supply relative to demand growth: a 10% annual emission with 5% demand growth means holders face roughly 5% real dilution.

A token emission schedule defines the net change in released supply over a period, calculated as Inflation minus Deflation. This net figure determines actual dilution pressure, not gross token creation alone. Tokenomist tracks historical emissions from TGE to today (including both inflation and deflation) while future projections model only known cliff and linear unlock schedules, explicitly excluding burns because they are unpredictable.

Token float is the ratio of circulating (freely tradeable) supply to total or max supply. A low float means a small portion of tokens is available for trading, making the price more sensitive to large buy or sell orders, and more vulnerable to sharp moves when locked tokens unlock.

A Token Generation Event (TGE) is the moment when a protocol's governance or utility token is created, publicly distributed, and begins trading. TGE marks the official start of the token's lifecycle, including cliff timers for vesting allocations and the beginning of supply mechanics (staking, mining, emission schedules).

Token inflation is the net increase in circulating supply over time, calculated on Tokenomist as Emission = Inflation - Deflation. Inflation sources include staking rewards, liquidity mining incentives, and scheduled vesting unlocks; deflation sources include burns and buybacks. The net emission rate determines the real supply pressure token holders face.

A token price-to-earnings ratio divides a token's valuation by the protocol's annualised earnings, meaning the revenue left once the token incentives and emissions the protocol spends to produce it are taken out. It tests whether the price is supported by cash flow rather than by emissions or narrative. Both inputs are choices: market cap or FDV on top, and fees, revenue or earnings underneath, and each choice moves the answer.

A chronological tracker of upcoming token supply releases, showing when vested, locked, or escrowed tokens become liquid and available for trading. Unlock calendars identify high-impact dates when supply pressure may accelerate or decline, enabling investors to anticipate price volatility and plan position management.

Token utility is what a token is actually for: storing value, granting access, carrying governance rights, paying fees, earning rewards, or serving as collateral. It is the demand side of tokenomics, and it is the main reason two tokens with identical unlock schedules can produce opposite outcomes.

Token vesting is a time-based release mechanism that gradually unlocks tokens held by team members, investors, and other stakeholders over a predetermined schedule. Rather than receiving all tokens at once, vesting prevents rapid token dumping and aligns long-term incentives.

Top-of-book spread is the difference between the highest bid and the lowest ask on an order book at a given moment, expressed relative to the mid price. Agreements usually state it in basis points, while Tokenomist's leaderboards display it as a percentage of the mid price. It is the most direct measure of what it costs a participant to trade immediately in both directions.

Total supply is the number of tokens that currently exist: all tokens that have been minted minus any tokens that have been permanently burned. It is the universal denominator for allocation percentages and the base for Tokenomist's Released Progress bar.

Total value locked is the aggregate US dollar value of assets deposited in a protocol's or chain's contracts at a point in time. It is the standard proxy for how much capital a protocol has attracted, and the demand-side number that supply metrics like float and unlock schedules get weighed against. It is a stock, not a flow, which is what separates it from protocol revenue.

Treasury vesting is the controlled release of tokens held by a protocol treasury over time, typically through governance-approved programs. Tokenomist classifies tokens allocated to treasuries but without determined release dates as TBD Locked: either Event-Gated (triggered by governance votes or milestones) or Operational (deployed at the team's discretion), capturing the uncertainty inherent in treasury releases.

Unlock cadence is the interval at which a vesting tranche actually releases: per second, daily, weekly, monthly or quarterly. It is separate from the shape of the schedule and separate from the reporting bucket a chart displays, and it is what decides whether the same total supply arrives as a continuous drip or as a series of discrete steps.

The composition of one unlock event across beneficiary categories, and how concentrated that composition is. Tokenomist prints it per event as the Vested Allocations line. A release directed entirely at one cohort and a release of the same size split across five read differently, because each category converts newly released tokens into sell orders at a different rate and on a different timeline.

Unlock concentration measures how much of a period's total unlock value sits in a single event or a small handful of them. A month whose leaderboard is topped by one cliff several times larger than the next entry carries a different risk profile from a month where the same dollars are spread across many tokens, even when the two totals match exactly.

An unlock gap is a stretch of a vesting calendar with no scheduled releases. It is a structural feature of cliff-heavy schedules rather than missing data, and its value is that it gives the market time to absorb supply that already arrived. In May 2025, after more than 50% of its circulating supply had been released over the previous 30 days, PYTH faced no scheduled unlocks until May 2026.

Unlock price impact is the measured price behaviour around a token unlock across three windows: the drift before the date, the reaction on the day, and the path after it. It regularly diverges from the size of the release, because a published schedule lets the market position before any token moves.

Unlocked supply is the total number of tokens that have cleared their vesting or lock period and are available for withdrawal. It includes tokens still sitting in vesting contracts that have not been claimed yet, so it normally exceeds claimed supply. The two can diverge in either direction, because claiming can occur before or after the scheduled unlock date.

An upcoming claim is a token release that is scheduled or announced but not yet confirmed on-chain. In Tokenomist's Supply Analytics Claim widget, the "Upcoming" tab aggregates both Whitepaper-status and Committed-status claims, providing a forward-looking view of anticipated supply changes.

Value accrual is the set of mechanisms that transmit a protocol's economics to its token: fee distribution, revenue sharing, buybacks, burns, revenue-funded staking yield, or enforced scarcity. A protocol can earn substantial revenue and still transmit none of it, which is why the mechanism list matters more than the income statement.

A filter preset in Tokenomist's Unlock Events tab that shows standard scheduled unlocks while excluding mining and yield farming rewards, focusing on core team, investor, and ecosystem vesting events that are the primary driver of structured supply expansion.

The point at which a token's scheduled releases finish and dilution from vesting falls to zero. WhiteBIT's WBT approached it through a $4.39B reserve release on March 13, 2026, equal to 38.17% of circulating supply: the final major cliff in its schedule, and one Tokenomist described as pushing the token toward 100% circulating supply and eliminating future dilution risk from scheduled releases.

A vesting schedule is the predefined timeline that governs when allocated tokens become available to their beneficiaries. It typically combines cliff periods (where no tokens release) with linear or stepped release phases, and each stakeholder group (team, investors, ecosystem) usually has its own distinct schedule.

A tokenomics model where token holders lock their assets for a fixed period to receive voting power (veTokens) that grant governance rights and fee-sharing rewards. The longer the lock-up period, the more voting power an address receives, aligning incentives between governance participation and long-term token holding.

The whitepaper schedule is the original token unlock timetable as documented in a project's whitepaper or tokenomics documentation. It serves as the baseline estimate before any team announcements or on-chain deviations, and is the first stage of Tokenomist's claim lifecycle.