How Does Token Vesting Schedule Impact DCF Valuation?

A token vesting schedule dictates when pre-mined or allocated tokens are released to the market, affecting the circulating supply and potential selling pressure. In a DCF, the vesting schedule is crucial for calculating the Fully Diluted Valuation (FDV) and understanding future dilution risk.

A large, imminent release of tokens can increase the risk premium in the discount rate and suppress near-term price forecasts, even if the intrinsic value is high.