Unlocks plus issuance: avoid counting supply twice
Unlocking and issuing tokens are different accounting events. An unlock can make already existing units eligible to circulate without increasing total supply. New issuance can increase total supply while remaining locked. Build a two-axis bridge before combining emission schedules and vesting calendars in a spot-asset research note.
ERC-20 specifies a totalSupply interface but does not provide a universal definition of circulating supply or an unlock schedule. Those classifications require the project’s actual contracts, rights and dated disclosures. The following ledger is an analytical reconciliation, not an interpretation supplied by the standard.
Define two opening balances
Record total issued units and the separately defined circulating subset at the same observation point. State whether locked treasury holdings, vested but unclaimed units or custody balances belong in the circulation definition. A third-party headline may use different eligibility rules, so preserve the definition with the number.
For each event, ask two questions: were new units created, and did units become eligible for the selected circulating subset? A pre-minted vesting release usually belongs in the second question under that definition. An emission minted directly to an unlocked recipient can affect both axes, but it remains one economic event.
Give every event a unique ledger identifier. Join a vesting schedule and mint record by economic event where evidence supports the match. Similar dates or quantities are leads, not sufficient proof of identity. If a scheduled amount is partly minted later, preserve the actual timing instead of forcing it into the forecast month.
Hypothetical overlapping calendars
Assume a fictional asset starts with 1,000 total units, of which 600 are circulating under a stated definition. During the month, 50 previously minted locked units become eligible. Separately, 20 new units are minted directly into the circulating subset. Ignore burns and other changes in this simplified example.
Closing total supply is 1,020. Closing circulation is 670: opening 600 plus the 50 existing units released and 20 newly minted units. Adding 50 to total supply would incorrectly treat a reclassification as creation. Counting the 20-unit mint again under an emission-calendar headline would duplicate the same event.
Now suppose the published unlock calendar lists 70 units because it includes both events. A note that adds the 70 calendar units to 20 minted units would claim a 90-unit circulation increase. The correct bridge preserves the calendar’s components and removes the overlap. All figures are hypothetical.
Dual-axis worksheet
| Event | Total-supply change | Circulating-subset change |
|---|---|---|
| Existing locked units released | 0 | +50 |
| New unlocked issuance | +20 | +20 |
| Closing balance | 1,020 | 670 |
Add contract, transaction, effective eligibility date, claim status and source calendar reference. Separate scheduled, eligible, claimed and transferred quantities. Becoming transferable does not establish that a sale occurred, and a wallet transfer does not necessarily identify the final buyer.
Check residuals and denominator shifts
Reconcile each closing balance independently. If totalSupply matches but circulation does not, investigate classification and timing before searching for an unrecorded mint. If both fail, inspect missing issuance, burns and inconsistent contract identities. A residual should remain visible until explained.
When circulation policy changes, show a definition bridge rather than calling the entire difference new supply. Compare proportions only with compatible denominators. A large unlock relative to opening circulation and a small increase in total supply can both be true. Neither statement alone predicts selling pressure, demand or price.
FAQ
Does every unlock increase total supply?
No. A release of already minted units can change eligibility without creating units.
Can I add an emissions table to an unlock calendar?
Only after checking whether their underlying events overlap. Keep event-level identities and reconcile total and circulating changes separately.