@davidyuu
For investors, token lock-ups change the risk-reward profile of an airdrop. Immediate liquidity enables fast exits, but long-term lock-ups create uncertainty. Some projects introduce partial unlocks, allowing a small portion to be sold while the rest vests. This provides flexibility and reduces frustration. Returns are influenced by the project’s roadmap progress during the lock-up: milestones, partnerships, or product launches can boost prices before unlock dates. Conversely, if progress stalls, the value may erode by the time tokens become tradable. In essence, lock-ups delay realization of gains or losses, tying returns more closely to long-term fundamentals.