--- title: "Token Unlock" path: "/contents/history/token-unlock" version: "3.1.0" author: "Hydrate" createdAt: "2026-02-08T07:28:36.989Z" updatedAt: "2026-07-16T15:08:49.595Z" --- # Token Unlock | **Token Unlock — Historical Event** | | Tokenomics / Network Governance | | Completed | | September 15, 2021 (14:00–17:00 UTC) — final unlock of all remaining locked $XRD tokens. | | [RDX Works](/contents/history/history-of-radix) (Radix), proposing and enacting the unlock. | | Two surveys held Aug 23–29 and Sep 1–5, 2021; 74.6% of eligible $XRD supply voted in favor of immediate unlock. | | 9.6B $XRD circulating; 12B total; 24B maximum supply over 40+ years via annual emission. | | [Token Unlock Video (YouTube)](https://youtu.be/RvZRPs_rOgg?si=1oAnx3vUYCbHtGbL) | | [$XRD Token](/contents/tech/core-protocols/xrd-token) · [Network Emissions](/contents/tech/core-concepts/network-emissions) · [Staking](/contents/tech/core-concepts/staking) | The **Radix Token Unlock** was a transition from the price-vesting of [$XRD](/contents/tech/core-protocols/xrd-token) to freely transferrable tokens, enacted on September 15th, 2021. [https://youtu.be/RvZRPs_rOgg?si=1oAnx3vUYCbHtGbL](https://youtu.be/RvZRPs_rOgg?si=1oAnx3vUYCbHtGbL) ## Background In August 2021 Radix [proposed changing to an immediate full unlock](https://www.radixdlt.com/post/update-on-the-token-unlock-community-survey) of all tokens that were subject to a price-vesting mechanism, and conducted [community surveys](https://www.radixdlt.com/post/update-on-the-token-unlock-community-survey) to gauge sentiment on this proposal. Originally, a significant portion of the $XRD supply was subject to a price-based unlocking mechanism, whereby tokens would become available based on (e)XRD reaching certain [price thresholds](https://www.radixdlt.com/post/community-survey-radix-token-unlock) over time. ## Community Surveys In the initial community survey, conducted from August 23-29, 2021, Radix asked participants via a single yes/no question whether all locked $XRD tokens should be unlocked immediately or remain on the existing unlock schedule. The survey required a verified Instapass account and email address to participate. Out of the responses, [66.8% voted in favor of the immediate unlock](https://www.radixdlt.com/post/results-unlock-survey-2). Given the results of the first survey, Radix then announced a second survey weighted by the number of $XRD held in Radix wallet addresses linked to verified Instapass accounts. This second survey ran from September 1-5, 2021. Overall [72.34% of respondents](https://www.radixdlt.com/post/results-unlock-survey-2), controlling 74.6% of the eligible $XRD supply, voted for the immediate unlock. ## Reasons for Unlocking There were [several factors](https://www.radixdlt.com/post/update-on-the-token-unlock-community-survey) that motivated Radix to propose the immediate full unlock of all remaining locked $XRD tokens, despite the original staged price-based unlock schedule. First, within two weeks of the [Olympia mainnet launch](/contents/tech/releases/radix-mainnet-olympia) on July 28, 2021, [over 48% of the circulating $XRD supply was already staked](https://www.radixdlt.com/post/token-unlock-september-15th) across more than 130 validator nodes, indicating a high degree of decentralization and security. In addition, development was progressing rapidly on the [Alexandria network upgrade](/contents/tech/releases/radix-developer-environment-alexandria), which [the team felt would benefit from the simplified tokenomics](https://www.radixdlt.com/post/update-on-the-token-unlock-community-survey) and further distribution enabled by the unlock. Finally, with the majority of survey respondents in favor, RDX Works agreed that fully unlocking the tokens was [one of the most effective ways to accelerate overall adoption](https://www.radixdlt.com/post/token-unlock-september-15th) and decentralization of the network in line with their long-term goals. ## The Unlock Radix proceeded with the final unlock of all remaining locked $XRD tokens on [September 15, 2021](https://www.radixdlt.com/post/final-token-unlock-complete), with the process completing between 14:00-17:00 UTC. At the time of the unlock, the tokenomics of $XRD were: - 9.6 billion $XRD circulating supply. - 12 billion $XRD total supply. - 24 billion $XRD maximum supply to be reached via an [annual emission](/contents/tech/core-concepts/network-emissions) rate over at least 40 years - ~48% of the supply locked via staking - 15,000 $XRD in network fees had been [burnt at the time of the final unlock](https://www.radixdlt.com/post/final-token-unlock-complete). ## Impact The unlocking of all remaining $XRD tokens had an immediate impact on trading activity and network growth. In the first 24 hours after the unlock, over [$65 million in daily trading volume of $XRD was recorded across exchanges](https://www.radixdlt.com/post/radix-report-16th-september). The increased liquidity and simplified tokenomics contributed to continuing growth in awareness and staking participation on the network. By the next weekly update on September 16th, over [1.5 billion $XRD](https://www.radixdlt.com/post/radix-report-16th-september) - representing over 15% of the total supply - was staked across validator nodes. Radix also saw a surge in [social media followers, up over 10% in the two weeks following the unlock](https://www.radixdlt.com/post/radix-report-16th-september). This indicated an expanding community beyond just those holding unlocked tokens. ## Legacy The September 2021 unlock left all $XRD freely transferable well ahead of the network's later milestones, including the [Babylon](/contents/tech/releases/radix-mainnet-babylon) smart-contract mainnet in 2023. The protocol [network emission](/contents/tech/core-concepts/network-emissions) referenced at the unlock still carries circulating supply toward the 24 billion $XRD maximum, while the separate Foundation-run validator subsidy that supplemented early staking rewards was later wound down (see [Validator Subsidy Sunset](/contents/history/validator-subsidy-sunset)). For current tokenomics, see the [$XRD Token](/contents/tech/core-protocols/xrd-token) page.