CASE-07 · 18 min
Unlock meets emission
Type of case study: Constructed scenario with invented figures. No real incident, no real protocol.
Scenario
A protocol pays its incentives in its own token. In eleven weeks the lock-up on the early backers' allocation ends. The ongoing emission comes on top. The question is not whether the price falls — it is how large the additional supply is relative to what the market has absorbed per day so far.
Data
- Circulating supply
- 120m tokens
- Total supply
- 1,000m tokens
- Unlock in week 11
- 90m tokens at once
- Ongoing emission
- 1.2m tokens per week
- Trading volume, 30-day median
- USD 3.4m per day
- Price
- USD 0.42
- Incentive share of total APY
- 4.2 of 5.0 percentage points
Questions
Relate the unlock to market activity so far. Which number says the most?
What follows for the assessment of the pool's stated 5.0 percent APY?
Analysis dimensions exercised
Sources
- EVD-2026-0008 — DeFiLlama: DeFiLlama yields endpoint (/pools)
Institutional perspectives
Asset management · Advisory