A cliff is a waiting period before tokens begin to unlock under a vesting schedule.
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Short definition
Cliff is a cliff is a waiting period before tokens begin to unlock under a vesting schedule.
Simple explanation
During the cliff period, tokens remain locked. After the cliff, unlocks may begin all at once or gradually.
Why it matters
Cliffs affect when supply may enter circulation and when early participants can access tokens.
Example context
A 6-month cliff means tokens do not unlock for the first six months.