While reviewing the $TMX distribution timeline, one detail kept standing out to me: the protocol has a capped ceiling of 1 billion tokens, yet only 200 million are projected to be tradable at launch.
That distinction makes the headline supply less informative than the amount actually available to the market and, more importantly, how quickly additional units enter circulation.
Based on the vesting schedule, the investor allocation could introduce approximately 11.67M TMX each month once the initial lockup ends. When overlapping team and adviser releases are included, the recurring monthly unlock could rise to around 17.67M. Scheduled emissions are not necessarily a red flag by themselves; the important question is whether demand can keep pace.
I’m therefore watching whether protocol-generated value expands faster than the circulating pool. Staking participation, governance utility, and genuine ecosystem demand could potentially absorb new supply. If not, increasing availability may create additional selling pressure.
The allocation structure also deserves attention. The 150M reserved for the team represents 75% of the initial 200M market float. Combined investor and team holdings reach 430M TMX, equivalent to 2.15 times the amount circulating on day one.
One more detail caught my attention: an apparent 110M-token discrepancy between disclosures represents 11% of the stated maximum. That means documentation changes are not merely administrative—they can materially affect how token economics are interpreted.
For me, the key metric is therefore not the eventual 1B ceiling. It is the effective float and the timing of every future unlock.