Ananke AlphaResearch Note No. 009 — The VC Unlock Ledger
Solana's insider unlock calendar, in tokens.
A token unlock is the crypto version of a lockup expiry — the one part of a supply schedule written down in advance. Solana's early venture backers, team, and foundation received tokens on multi-year vesting contracts, and the bankruptcy estate that inherited a large tranche is releasing it on a fixed monthly cadence. None of it is a forecast. It is a calendar of dates on which specific, previously locked SOL becomes sellable. This note reads that calendar in raw token counts — who unlocks, when, and how much new supply meets the order books each month.
- The unlock ledger— FTX/Alameda estate, seed & early-VC, team, foundation, and inflation emission, with each cohort's cadence and approximate size
- The float math— how many days of average volume each month's eligible supply represents, the ratio that actually sets the clearing discount
- How desks model the drip — and why a compelled bankruptcy seller behaves differently from a VC, and from the off-tape blocks that shadow the schedule
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Written by a former institutional derivatives trader turned technologist — 11+ years of it, most recently in AI, now building research like software. Every figure is drawn from public vesting schedules and bankruptcy-plan disclosures — arithmetic, not opinion.