Token Unlocks Overview

Messari's Token Unlocks allows users to easily explore, compare, and analyze token unlock data. Key features include initial allocations and vesting schedules, historical unlocks overlayed with a price chart, and separate categories for Cliff Unlocks versus the Daily Linear Rate Change.

This page includes a step-by-step guide on getting the most from Messari's Token Unlocks, along with hot tips for success and FAQs collected from Messari users. Be sure to check out the full Video Library for detailed walkthrough videos.

For asset-specific token unlock deep dives, please visit the Token Unlocks section of the asset's Project Page.

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Token Unlocks is currently available for Messari Pro and Enterprise subscribers. Please visit our Pricing page to compare plans or Contact Us if you have any questions.

Token Unlocks Video

Access Token Unlocks

Use the top menu to find the Intel tab and select Token Unlocks from the dropdown. This provides a full table view of Messari's Token Unlocks coverage.

Sample Token Unlocks Views

There are multiple, pre-made sample views available in the left navigation menu that will help you quickly explore the dataset.

• All: Assets are ranked by the nearest unlock event. Assets with Cliff events take priority over assets with only Daily Linear Rate Change events if they are on the same day. Assets with just Daily Linear Rate Change events on the same day are ordered by the assets' Circulating Marketcap.
• Largest 30D Circ. Supply Impact: Assets are ranked by the largest percentage change in Circulating Supply that the next 30D of token unlocks will have.
• Highest % Unlocks Completed: Assets are ranked by the largest percentage of tokens unlocked out of the total token allocation.
• Lowest % Unlocks Completed: Assets are ranked by the smallest percentage of tokens unlocked out of the total token allocation.
• Largest Cliff Events by USD: Assets are ranked by the largest USD value of their nearest Cliff unlock event.
• Largest % Change In Daily Linear Rate: Assets are ranked by the largest percentage change of their nearest Daily Linear Rate Change event.
• DeFi: Assets are filtered by whether they are tagged as a decentralized finance-based token.

Token Unlocks Columns

The Token Unlocks page contains all of the information you need to properly understand upcoming unlocks. The table is sorted by Next Unlock, be it a Cliff Unlock or a Daily Linear Rate Change.

Use the filters at the top to narrow your results by Marketcap or % Unlocks Completed. Use the dropdown menu in the top right corner to adjust the timeframe over which cumulative values are calculated.

The Overview tab contains pricing information along with Token Unlock information, while the Unlocks tab provides strictly Token Unlock information.

• % Unlocks Completed: This is the percentage of the tokens allocated to vesting schedules that have been unlocked up to the present date. Hovering will show the amount of tokens unlocked and total tokens allocated to vesting.
• Next Cliff Unlock: This column shows the time (in days) until the nearest cliff unlock for the token. The primary value is the USD value of the unlock, and the secondary value is the percentage change on the current circ. supply that the unlock will have. Hovering will show the unlock amount and percentage change in the current circ. supply broken up by allocation category.
• Next Daily Linear Unlock: This column shows the time (in days) until the daily linear unlock rate of a token changes. The value to the left of the arrow is the current daily unlock rate for the token, and the value to the right is the new rate it will change to. The percentage is the change between the two rates. Hovering will show the rate changes broken up by allocation category. The bottom of the tooltip also lists the other categories that will continue to unlock, but that are not subject to a rate change.
• Daily Unlocks: The current daily unlocks occurring for the token.
• Cum. Unlock Amount (Next): The aggregate USD value and amount of tokens unlocking in the next selected timespan.
• Cum. Unlock Amount (Prev): The aggregate USD value and amount of tokens unlocked in the previously-selected timespan.
• % Circ. Supply Change (Next): The % change on current circ. supply that the unlocks happening in the next selected timespan will have.

Upcoming Unlocks Sorting

The table is sorted, by default, across two columns -- Next Cliff Unlock and Next Daily Linear Rate Change -- to highlight the next unlock change in both event types.

Both of these columns can be adjusted to further sort your table by a specific type of Cliff or Rate Change.

For example, use the dropdown arrow on the Next Cliff Unlock column to sort by the Largest Next Unlock Amount in USD.

Or use the dropdown arrow on the Next Daily Linear Rate Change column to sort by the Largest or Smallest % Rate Change.

Token Unlocks by Asset

Selecting an asset in the Token Unlocks table will take you to the Token Unlocks section of the asset's Project Page. Visit the Project Page: Token Unlocks guide to learn more.

Token Unlocks: Data Collection Process

Messari collects Token Unlocks data from primary sources such as whitepapers, blogs, websites, and other protocol documents. These are listed on the Vesting Description table under the “Source” column.

The data is then checked for quality assurance using two methods:

1. Comparison to other third-party sources (e.g., DefiLlama, token.unlocks, CryptoRank, Dune, etc.). Differences in data between Messari and other sources may be due to assumptions made on vesting schedules when there is ambiguity or a lack of information. These are stated in the Vesting Description table under the “Assumptions” column (see picture above).
2. Messari’s Protocol Services analysts have relationships with many teams and will look to confirm the accuracy directly with the Protocol when applicable.

Note: Currently, we do not actively monitor/track vesting schedules that are smart contract-based. In some instances, we may verify that the data listed in the primary source has historically followed the smart contract activity, but this is not continuously monitored.

Token Unlocks Hot Tips & Best Practices

• Use Messari's Key Developments Alerts to schedule real-time notifications for token unlock information. As found in the Messari Classification System, there is a Category for Token Supply and a Subcategory for Supply Unlock.
• Use pre-made views to quickly explore data, such as "Largest 30D Circ. Supply Impact" or "DeFi" tokens for targeted analysis.
• Hover over column values to view more detailed information, such as the allocation categories and the percentage change in circulating supply.
• Cross-check data by referring to the "Assumptions" column in the Vesting Description table to understand potential differences in data from other sources.

Token Unlocks FAQs

What is the difference between a Cliff Unlock and a Daily Linear Rate Change?

Cliff Unlocks release tokens in a lump sum on a specified date, while Daily Linear Unlocks release tokens gradually over time. The Rate Change highlights the changing of the gradual rate at which the tokens are released.

Does Messari monitor smart contract-based vesting schedules?

Analysts might verify that the data listed in the primary source has historically followed the smart contract activity, but this is not continuously monitored.

How does Messari rank assets in the Token Unlocks view?

Assets are, by default, sorted by the nearest unlock event, whether that be a Cliff Unlock event or Daily Linear Rate Change event. Additional sorting can be done on largest cliff events, highest or lowest percentage of unlocks completed, and largest percentage changes in daily linear unlock rates.