Locked supply represents the portion of a token's total supply that is contractually or programmatically restricted from entering the market. Unlike released supply, these tokens cannot be sold, transferred to exchanges, or used in DeFi protocols until their lock conditions are satisfied. Lock restrictions are typically enforced through smart contracts (time-lock or vesting contracts) that release tokens according to predetermined schedules. Locked supply decreases over time as tokens unlock through two primary mechanisms. Cliff unlocks release a batch of tokens all at once after a fixed waiting period — for example, 25% of a team's allocation unlocking after a 1-year cliff. Linear vesting releases tokens continuously or in small increments over a defined period — for example, the remaining 75% streaming daily over 3 years. Most real-world vesting schedules combine both: a cliff followed by linear vesting. Tokenomist tracks both mechanisms and displays the precise unlock timeline for each stakeholder group. For market participants, locked supply is the inverse indicator to released supply. High locked supply relative to total supply means significant future dilution is scheduled. The rate at which locked supply converts to released supply — the emission rate — determines the velocity of that dilution. Monitoring locked supply alongside the unlock calendar lets investors anticipate supply shocks before they hit the market.