Can Vesting Schedules Be Modeled Using Black-Scholes Principles?

While the Black-Scholes model is primarily for pricing European-style options on non-dividend-paying stocks, its principles (volatility, time, interest rates) can conceptually inform the valuation of unvested tokens, especially those resembling employee stock options. However, the unique illiquidity, governance rights, and non-standard vesting/cliff structures of crypto tokens require significant modification to the standard model.