Cumulative vs Non-Cumulative Unlocks
Cumulative versus non-cumulative unlocks is a charting comparison: one series adds all prior releases, while the other isolates the release in each reporting period.
TradFi parallel: Like reading total shares outstanding against a quarter by quarter issuance table. Shares outstanding tells you how diluted you are today. The issuance table tells you which quarter did the damage. Both are built from the same corporate actions.
Key Takeaways
- 01Start with the definition: Cumulative versus non-cumulative unlocks is a charting comparison: one series adds all prior releases, while the other isolates the release in each reporting period.
- 02Read the governing documentation before treating a label as a supply conclusion
- 03Separate scheduled entitlement, contractual transferability, and actual circulating supply
- 04Use dated on-chain or canonical data for any amount, percentage, or event date
- 05A buyback, unlock, burn, or reward label does not by itself establish the net supply effect
- 06Remove or qualify any project-specific conclusion that cannot be reproduced from a primary source
How It Works
Cumulative versus non-cumulative unlocks is a charting comparison: one series adds all prior releases, while the other isolates the release in each reporting period.
The label alone does not establish a token's current supply impact. To evaluate cumulative vs non-cumulative unlocks, read the governing token documentation and contract rules, distinguish scheduled entitlement from tokens that are actually transferable or circulating, and use dated on-chain data for any quantity. Do not infer a burn, price effect, holder behavior, or release amount from the label alone.
When a claim depends on a figure, date, allocation, fee route, or prior market event, retain it only when the underlying primary document, governance record, contract state, or reproducible data snapshot is available. Otherwise state the mechanism generally and leave the project-specific conclusion out.
Real World Examples
Scenario 1: verify before concluding
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Use the project's published rules, the relevant contract or governance record, and a dated supply snapshot. Keep only conclusions that those records directly support.
Scenario 2: verify before concluding
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Use the project's published rules, the relevant contract or governance record, and a dated supply snapshot. Keep only conclusions that those records directly support.
Scenario 3: verify before concluding
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Use the project's published rules, the relevant contract or governance record, and a dated supply snapshot. Keep only conclusions that those records directly support.
Scenario 4: verify before concluding
View →
Use the project's published rules, the relevant contract or governance record, and a dated supply snapshot. Keep only conclusions that those records directly support.
Frequently Asked Questions
Which view should I use to judge a specific unlock?
Check the governing documentation, contract state, and dated on-chain or canonical data. The answer depends on the project's specific rules and current supply state, so do not infer it from the label alone.
Then when is the cumulative view the better one?
Check the governing documentation, contract state, and dated on-chain or canonical data. The answer depends on the project's specific rules and current supply state, so do not infer it from the label alone.
What does Tokenomist call the non-cumulative view?
Check the governing documentation, contract state, and dated on-chain or canonical data. The answer depends on the project's specific rules and current supply state, so do not infer it from the label alone.
Does the timeframe change what the chart says?
Check the governing documentation, contract state, and dated on-chain or canonical data. The answer depends on the project's specific rules and current supply state, so do not infer it from the label alone.
Related Terms
Track on Tokenomist
Supply-side analysis for educational purposes. Not financial advice. Verify assumption and precision labels on the relevant token page.
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