ICP’s early backers are about to step into uncharted territory—the final stretch of a staggered vesting period that began in May 2021. The project that once saw meteoric highs and gut-wrenching lows is nearing the end of its structured unlocks, potentially signaling a shift in market sentiment and supply dynamics.
It all started with a modest $3.9 million seed round in 2017. The 370 participants who got in at $0.03 per token received their full allocation at Genesis in May 2021, but with a catch—their ICP was locked into 49 voting neurons in the Network Nervous System (NNS), each carrying a different dissolve delay. This staggered unlocking mechanism ensured that early investors couldn’t flood the market all at once, forcing a slow trickle rather than an avalanche. Fast forward nearly four years, and that trickle is about to dry up.
With the March 11 unlock now in the rearview mirror, only three more scheduled releases remain. Each month, approximately 2.37 million ICP tokens have been hitting the market, a predictable flow that has shaped price action and investor sentiment. The remaining key dates are April 11 and May 11, 2025, with some speculation around a possible final unlock on June 11. If June’s event does happen, it’s likely to be a residual batch, rather than the standard 2.37 million ICP seen in prior months.
The steady supply from these unlocks has been a background factor in ICP’s pricing for years. While some tokens inevitably make their way to exchanges, the staggered nature of the release schedule prevented the kind of early-stage fire sale that could have tanked the price completely. That doesn’t mean it’s been smooth sailing. From its staggering debut at $750 in May 2021 to a swift plunge below $30 within weeks, ICP’s journey has been anything but predictable. Insider selling allegations, skepticism around tokenomics, and macro market conditions all played their part in shaping what came next.
Through the turbulence, the unlocks continued. By March 2025, roughly 108.84 million ICP from the seed round had already entered circulation, leaving only around 7.14 million still locked. The end of this cycle raises the question—what happens next? Without this built-in selling pressure, does ICP finally have room to breathe, or has the market already priced it in?
Community sentiment suggests a mix of relief and cautious optimism. With total ICP supply now sitting at over 530 million, the remaining unlocks represent a fraction of the overall picture. Some investors see the conclusion of these releases as a psychological turning point, an end to one of the lingering fears that kept buyers hesitant. Others wonder if the absence of structured unlocks will simply shift attention to other sources of market movement—staking rewards, new investors, and adoption metrics.
The impact of these final unlocks will likely depend on what happens to the tokens post-release. A full sell-off could exert short-term pressure, keeping ICP range-bound between $5 and $8. However, with many early investors still engaged in governance and staking, some portion of these tokens may stay within the ecosystem rather than heading straight for liquidity. In that case, the absence of future unlocks could clear the way for more natural price discovery.
What’s undeniable is that an era is closing. ICP’s seed round was a defining chapter in its history, a lifeline that powered its development long before it was a household name in crypto. Now, as these final unlocks approach, all eyes will be on whether ICP can turn the page—and what comes next for a network built to outlast its earliest backers.
