A token launch can create or distribute tokens, but it does not necessarily make every token available to trade. A token generation event (TGE) is often the date used to anchor a project’s launch and allocation schedules; each project decides what, if anything, unlocks then. Later unlocks make scheduled allocations eligible for release. They do not, by themselves, mean the tokens have been claimed, entered circulation, or been sold.
What happens during a token launch?
There is no single launch sequence used by every crypto project. A token generation event, or TGE, may mark token creation, an initial distribution, or a point tied to a network launch. Projects may use the TGE date as the starting point for vesting schedules even when their launch arrangements differ.
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For example, Tagion documents its TGE as simultaneous with its mainnet launch, while other project disclosures use TGE as a schedule reference. The project’s own documentation determines what happened and which allocations were available. A TGE should not be treated as proof that all tokens were released or that all released tokens were immediately marketable.
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What to check in a launch disclosure
- The stated total supply and whether the figure refers to initial or maximum supply.
- Which allocation categories exist, such as team, investors, community, liquidity, or treasury.
- How much of each allocation is available at TGE, if any.
- The event or date that starts each schedule, and whether claim, transfer, listing, or liquidity conditions are separate.
What does a token unlock mean?
An unlock is the point at which some or all of an allocation becomes eligible for release under its schedule. In a contract-enforced vesting arrangement, a vesting wallet may hold native currency or ERC-20 tokens for a beneficiary and allow vested amounts to be claimed. The OpenZeppelin VestingWallet documentation describes a default linear schedule and a separate cliff extension. Metaplex’s Genesis documentation describes a bucket with an on-chain schedule, recipient, claim history, and optional controls.
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These technical documents explain possible implementation mechanics; they do not establish that a particular project deployed those contracts. A project’s published schedule may instead be a stated commitment. To say that a specific schedule is enforced on-chain, identify the relevant contract and confirm its current state.
Unlocking is not the same as selling
Keep these events distinct: a token may become eligible to claim, a beneficiary may claim it, it may count as circulating under a particular definition, and its holder may sell it. An unlock alone proves none of the later steps. Claim conditions, custody, transfer restrictions, exchange access, and market liquidity can also affect what happens after a scheduled release.
How do cliffs and vesting schedules work?
Schedules can combine several mechanisms, but there is no required template. Read the terms for each allocation rather than assuming that one project’s rules apply to another.
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A TGE unlock is the portion, if any, available at the token generation event. Some categories may have an initial release while others remain locked.
Cliff
A cliff is a period or specified condition during which an allocation does not become available under the relevant schedule. The disclosure should make clear what event starts the cliff and what happens when it ends.
Linear and periodic vesting
Linear vesting releases an allocation gradually over a stated duration. A schedule may implement that release continuously or in defined steps, such as monthly installments. Check the actual release frequency rather than assuming that “linear” means monthly.
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How a cliff interacts with vesting
A cliff does not always delay the start of the linear schedule. Metaplex’s documentation treats cliff and linear start conditions independently, so the project’s terms or contract must specify how they interact. Also check for claim gates, pause or cancellation powers, and rules about who can receive or claim the allocation.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsHow project schedules can differ
The following examples come from the projects’ own disclosures. They illustrate different arrangements, not market standards. Project documentation describes intended terms; it does not by itself verify that a schedule is enforced by a deployed contract.
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| Project and allocation | Initial availability | Later schedule | Qualification |
|---|---|---|---|
| Cluster Protocol ($CP), initial supply | The project’s 2026 disclosure says 1,369,091,667 $CP—27.38% of its stated 5 billion initial supply—was unlocked at TGE. | Investor allocations: 12-month cliff, then 24 months of monthly linear vesting. Team allocations: 18-month cliff, then 24 months of monthly vesting. The disclosure says all initial supply is unlocked by month 42. | Project-specific figures and terms from Cluster Protocol’s tokenomics disclosure; not an industry average. |
| Bluefin (BLUE), strategic participants and core contributors | The Foundation’s current page says no tokens unlock at genesis. | A one-year cliff, followed by a 24-month linear release. | Applies to the named categories in the Bluefin Foundation’s undated current tokenomics page; not a universal schedule. |
| Tagion (TGN), pre-sale investors | Its issuance documentation says 10% of assigned tokens were available at the December 7, 2023 TGE. | After a 12-month cliff, 5% of assigned tokens per month; the documentation also describes separate price-based release terms. | Historical, project-specific terms in Tagion’s issuance documentation. Consult the live page for current wording and context. |
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. That is a possibility, not a predictable price result: an unlock does not establish that recipients will claim or sell their tokens, and the schedule alone cannot show how a market will respond.
Cluster Protocol’s disclosure identifies possible selling pressure, volatility, or negative price effects around cliff dates and periodic unlocks. That is the project’s risk warning, not an independent estimate of the effect. The sources cited here establish no market-wide average unlock size or reliable measured price impact, so project examples should not be generalized into one.
How to read a token unlock schedule
- Find the project’s own tokenomics page or dated disclosure. Confirm the date and whether supply figures refer to total, maximum, or initial supply.
- Read each allocation separately. Compare beneficiary category, allocation size as a share of supply, TGE availability, cliff, vesting duration, and release frequency.
- Identify each schedule’s anchor. Establish whether the clock starts at TGE, a calendar date, a network event, or another condition.
- Check cliff and vesting interaction. Do not infer that the cliff delays linear vesting unless the disclosure or contract says so.
- Separate unlocks from market availability. Look for claim, custody, transfer, listing, and liquidity conditions before describing tokens as circulating or available to trade.
- Check enforcement if it matters to your conclusion. Determine whether the schedule is a project-stated promise or is implemented in an identified contract, then review that contract’s current state.
A schedule is most informative when its allocation, beneficiary, timing, release mechanics, and controls are all clear. A longer or shorter duration alone is not enough to judge whether the terms are favorable.
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