Token Unlock Math: What Comes Free at Capricorn (APR) on October 23

On October 23, 2026, the one-year lock-up for early investors and core developers at Capricorn Tech comes to an end. According to the official project documentation, 92.8 million APR become free on that day, which is 33.4 percent of today's circulating supply. According to the emissions model of the data provider DefiLlama, the figure for the same day is around 149.7 million APR, and therefore almost 54 percent. Both numbers are publicly available, both refer to the same date, and both cannot be right at once.

You will meet exactly this situation at almost every larger token unlock. This article takes the Capricorn case as an exercise and shows you step by step how to work out the quantity being released from a vesting plan yourself, how to test two contradictory calendars against each other, and how to tell which of the two comes closer to the truth. At the end there is a calculation you can run in exactly the same way for any other project.

What is a token unlock and why does it change supply?

A token unlock is the point in time, set by contract or by smart contract, at which previously locked tokens become available to their recipients and can be sold, transferred or deployed for the first time. Before that date the tokens already exist, but they are not in circulation and therefore appear in neither the circulating supply nor the market capitalisation.

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