People complain about token unlocks as if they are unique to crypto. They are not. Every industry has vesting, cliffs, liquidity schedules, and aligned incentives. The only reason it feels louder in crypto is because tokens trade long before the product matures.

If an unlock worries you, your option is simple: sell. That is what FDV and circulating valuations are for. You price in future dilution and decide whether the asset is worth holding.

Expecting teams to telegraph every move is unrealistic. They do not owe anyone a promise about what they will or will not do. They are not operating a charity. They are building a business and will behave like any rational, profit-maximizing entity.

Hyper-focusing on unlocks misses the point. If your entire thesis collapses because a scheduled unlock arrives, then you never had a thesis to begin with.

Hyperliquid has built a strong product with FCFs. The team unlocks have been know for a year. If you think it’s over then simply sell, rather than spending the last 5 months thinking about it.