> For the complete documentation index, see [llms.txt](https://axon-finance.gitbook.io/axon-finance-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://axon-finance.gitbook.io/axon-finance-docs/part-vii-dai-bi-jing-ji/part7-tokenomics/7-2-vesting-circulation.md).

# 7.2 解锁与流通曲线

## 各桶解锁规则

代币在 TGE 时只释放极小一部分，其余按各桶独立的锁仓与线性释放规则解锁：

| 桶            | 解锁规则                  |
| ------------ | --------------------- |
| 生态           | TGE 3% + 60 月线性（治理可控） |
| 团队与顾问        | 锁 1 年 + 3 年线性         |
| 天使轮          | 锁 2 年 + 3 年线性（共 5 年）  |
| 战略轮（私募）      | 12 月 cliff + 24 月线性   |
| 空投           | TGE 25% + 分季线性        |
| 初始流动性 / 市值管理 | 锁 6 月后释放              |

这套设计的核心意图是**把早期资本与团队的利益，绑定到网络的长期成熟上**——天使轮共 5 年、团队 4 年（锁 1 + 线性 3）、战略轮 3 年，都是明显长于行业惯例的锁定周期。

## 60 个月流通曲线

TGE 低流通 **4%**（4 亿），此后按各桶解锁规则线性释放，至第 60 个月 ≈ **100%**。关键里程碑：

| 时点      | 累计流通占比  |
| ------- | ------- |
| TGE（m0） | 4.0%    |
| m6      | ≈ 12.6% |
| m12     | ≈ 29.2% |
| m24     | ≈ 47.9% |
| m36     | ≈ 69.9% |
| m48     | ≈ 87.0% |
| m60     | ≈ 100%  |

释放节奏可视化（▓ 代表已流通比例）：

```
TGE   ▏                    4.0%
m6    ▋                    12.6%
m12   ██▏                  29.2%
m24   ███▊                 47.9%
m36   █████▌               69.9%
m48   ██████▉              87.0%
m60   ████████             100%
```

**低初始流通 + 长线性释放** 的组合，意味着 TGE 时市场上的流通盘很薄（4%），减轻早期抛压；而长达 5 年的完整释放周期，则为网络留出把「真实业务增长」兑现为「代币价值」的时间窗口——这正是 [7.3 通缩飞轮](/axon-finance-docs/part-vii-dai-bi-jing-ji/part7-tokenomics/7-3-utility-flywheel.md) 发挥作用的地方。

***

*上一节：*[*7.1 供应与分配*](/axon-finance-docs/part-vii-dai-bi-jing-ji/part7-tokenomics/7-1-supply-allocation.md) *· 下一节：*[*7.3 代币效用与通缩飞轮*](/axon-finance-docs/part-vii-dai-bi-jing-ji/part7-tokenomics/7-3-utility-flywheel.md)


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