What Is a “Cliff” in the Context of a Vesting Schedule?
A "cliff" is an initial period in a vesting schedule (often 6 to 12 months) during which no tokens are released, even though the vesting period has begun. Only after the cliff period expires does the first batch of tokens vest, and subsequent tokens vest on a regular schedule (e.g. monthly).
The cliff ensures that team members are committed for a minimum period before receiving any tokens.
