FF Unlock on September 29: What the End of the Lock-Up at Falcon Finance Means

On September 29, 2026 the one-year lock-up on the largest committed token packages at Falcon Finance expires. According to the release schedule that the data service DefiLlama maintains for FF, 203,055,556 FF come free on that day in four tranches. That is 6.47 percent of today's circulating supply and, at the price of September 26, 2026, around $27.1 million. More important than the single day is the rhythm that follows: the same order of magnitude repeats on October 29, at the end of November and on December 29, and it runs on until the middle of 2029.

An unlock is the scheduled release of tokens that were contractually locked at issuance. It creates no new money and no new tokens. It merely shifts holdings out of a locked contract into freely available wallets, and with that the quantity that could theoretically be sold goes up. That is precisely the figure you should keep an eye on as a holder, and it can be recalculated. The price effect cannot.

What is released at Falcon Finance on September 29

For September 29, 2026 the release schedule names four separate cliff events with different timestamps. They break down as follows:

• 75,000,000 FF from the Ecosystem allocation, 01:23 UTC
• 55,555,556 FF from Core Team & Early Contributors, 10:29 UTC
• 12,500,000 FF from Investors, 10:29 UTC
• 60,000,000 FF from the Foundation, 10:29 UTC

In total that is 203,055,556 FF. Put it in proportion and the number acquires meaning: circulating supply stands at 3.14 billion FF on September 26, 2026 according to CoinGecko, while total supply is firmly anchored at 10 billion FF. The release therefore equals 6.47 percent of the float and 2.03 percent of total supply. At a price of $0.1335, or 0.1172 euros, that works out to a value of around $27.1 million, with a market capitalisation of $419 million and an FDV of $1.33 billion.

FDV, the fully diluted valuation, is the value of every token that will ever exist at the current price. Here that value sits a good three times higher than market capitalisation, and this gap is the real message of the release schedule: roughly two thirds of total supply are not yet in circulation.

Where the numbers come from and where the sources contradict each other

There are two independent layers to the release schedule, and you should know both, because they do not say the same thing.

The project documentation from Falcon Finance describes the allocation and the locking rules. For Core Team & Early Contributors at 20 percent of total supply and for Investors at 4.5 percent it states the same sentence in each case: one year cliff, three years of vesting (project documentation). The token launched on September 29, 2025 with 2.34 billion FF in circulation, which corresponded to 23.4 percent. One year of cliff counted from that launch day lands on September 29, 2026.

The aggregators translate those rules into concrete dates and unit counts. And that is exactly where a discrepancy arises, which I am disclosing instead of smoothing over: DefiLlama books a team and investor tranche of identical size as early as August 30, 2026, and it does so with the round timestamp 00:00 UTC, while all later tranches carry odd times of day. A round timestamp is typical of a modelled date, whereas an odd time points to one derived from the chain. On the size of the tranches and on the monthly rhythm from September 29 onwards the sources agree; on the starting month they do not.

For you that means: treat September 29 as the date the project documentation carries, and the question of the first vesting month as open. Anyone who takes a number from an aggregator without setting it against the project documentation also takes on that aggregator's modelling assumptions. How to build such a calculation from the ground up yourself is set out at length in our guide recalculating a token unlock.

Who receives the released FF tokens

An unlock is no anonymous quantity. Behind every tranche stands a group with its own incentives, and the allocation table tells you who you are dealing with. The project documentation distributes the 10 billion FF as follows:

• Ecosystem: 35 percent, for growth funds, future airdrops and integrations across several chains
• Foundation: 24 percent, for risk management and audits
• Core Team & Early Contributors: 20 percent, one year cliff, three years of vesting
• Community Airdrops & Launchpad Sale: 8.3 percent, among other things for the Miles programme and the community sale
• Marketing: 8.2 percent
• Investors: 4.5 percent, one year cliff, three years of vesting

Team and investors together hold 24.5 percent of total supply, which is 2.45 billion FF. That package is completely immobile until the cliff ends and begins to drip monthly afterwards. It is therefore almost as large as everything that is tradable at all today. The Ecosystem and Foundation tranches falling on the same day, by contrast, belong to the project itself and typically end up in programmes, liquidity measures or incentives, and not automatically on the market. Where they actually go can only be observed onchain; the schedule does not reveal it.

Cliff or linear: how the FF lock-up is built technically

Two terms determine the pace of every release, and they are often mixed up.

A cliff is a hard edge. Nothing moves until the cut-off date, and on that date an entire block comes free at once. Linear vesting distributes the same quantity evenly across a period, usually in monthly or block-by-block steps. The TGE, the token generation event, is the day the token comes into existence at all and the initial circulating supply is set.

FF combines both, and that explains why a single date looks so large: the TGE on September 29, 2025 is followed by one year of cliff for team and investors, and only then does the three-year vesting begin in monthly steps. The team's 55,555,556 FF correspond to one of 36 monthly instalments and by no means cover the entire team share: 2 billion FF divided by 36 months produces exactly that figure. For the investors, 450 million FF divided by 36 gives 12,500,000. Both instalments come out exactly, and that is how you can tell the aggregators are mapping the same rule here as the documentation.

Total supply, circulating supply and FDV: three numbers you have to keep apart

Most misunderstandings around unlocks arise because three metrics get confused. Keep them separate:

• Total supply is the overall quantity that will ever exist. For FF that is 10 billion tokens, and this ceiling is fixed.
• Circulating supply is the part of it that can be moved freely. On September 26, 2026 that is 3.14 billion FF, or 31.4 percent.
• Market cap is price times circulating supply, here $419 million. FDV is price times total supply, here $1.33 billion.

A release does not change total supply by a single token. All that shifts is mass from the locked column into the circulating one, and market cap rises as a purely arithmetic consequence, without a buyer having moved a single euro. Keep these three numbers cleanly apart and you will see immediately whether a report about supposed dilution is claiming anything new at all or merely retelling a plan published long ago. If you are comparing where tokens of this size class can be bought and sold in the first place, our overview of the best crypto exchanges helps in placing the trading venues.

How to recalculate the FF unlock yourself in three steps

You need no paid data service for this, only a sequence of calculations and two sources. These three steps are enough:

1. Take the allocation share from the project documentation. Team, 20 percent of 10 billion, is 2 billion FF. Investors, 4.5 percent, is 450 million FF.
2. Divide by the number of vesting months. Three years of vesting are 36 monthly instalments. 2 billion divided by 36 gives 55,555,556 FF; 450 million divided by 36 gives 12,500,000 FF. If your values match the aggregator, it is mapping the same rule.
3. Set it in proportion to circulating supply, not to total supply. 203,055,556 divided by 3.14 billion gives 6.47 percent. This percentage is the figure that makes a comparison between different tokens possible at all.

The third step is where most write-ups fail. An absolute unit count sounds like a lot for any token. Only the share of the float makes an event comparable, and the same calculation works for any project with published tokenomics. You will find a second worked example of the same kind in our analysis of the investor unlock at Ethena.

What Falcon Finance actually does: USDf, sUSDf and collateralisation

Without the protocol behind it, any unlock calculation stays numerical cosmetics. Falcon Finance describes itself as universal collateralization infrastructure, that is, as infrastructure that accepts various assets as security. Deposited collateral, from Bitcoin through stablecoins to tokenised bonds and commodities, permits the minting of USDf.

USDf is a synthetic dollar: a token that tracks the dollar value but is backed by deposited collateral and hedging transactions rather than by bank deposits. Anyone who stakes USDf receives sUSDf, the yield-bearing variant, whose return comes from the protocol's strategies. At the token launch on September 29, 2025 the project itself cited just under $2 billion in total value locked and 1.9 billion USDf in circulation, as well as a 7-day yield of 9.64 percent for sUSDf (project announcement of September 29, 2025). Those values are a year old and expressly not a current reading.

The FF token itself is the governance and utility part of this structure: voting rights, better terms for stakers and access to programmes. From that follows the point that really counts at an unlock: some of the released tokens can go straight into staking instead of onto the market. The release schedule tells you what becomes available. It does not tell you what happens to it.

Where you can trade FF in Germany and why a euro pair is missing

FF sits at rank 127 among the largest crypto-assets by market capitalisation, and on September 26, 2026 CoinGecko listed around 52 trading pairs across roughly 40 venues. Among them are large centralised exchanges such as Binance, Bybit, Bitget, Gate, HTX, KuCoin, MEXC, Upbit and Bithumb, along with decentralised venues based on PancakeSwap and Uniswap.

For you in Germany the list is shorter than it looks, and two details deserve a check before you buy. First: a venue has to be open to customers from the EU at all. Since the MiCA regulation took effect, providers need an authorisation as a crypto service provider in order to offer services actively in the EU; we have set out the duties that follow from it in our overview of the MiCA licence and its obligations. Anyone who would rather stay with supervised houses from the outset will find the authorisations at a glance in our comparison of regulated crypto exchanges.

Second, the currency. Kraken's public trading-pair list showed exactly one pair for FF on September 26, 2026: FF against the US dollar. An FF/EUR pair was not listed there. This is no detail for connoisseurs, because without a euro pair you pay an additional conversion on every purchase and every sale, and those costs rarely appear in the advertised trading fee. Add them up yourself before your first order, and check the terms with the provider, because fee models change more often than release schedules.

Tax in Germany: what applies when you sell around an unlock

A release date is initially meaningless for you in tax terms as long as you sell nothing yourself. It becomes relevant when you trade because of the date. Then the German framework for private disposals under Section 23 of the Income Tax Act applies, and three points follow from it that you should settle before a sale.

The holding period. If you sell crypto-assets more than a year after acquisition, the gain remains tax-free under that provision. Within the year it is taxable and is captured at your personal income tax rate. What counts is your own acquisition date, and not the day on which tokens fall out of a vesting contract somewhere.

The threshold. Private disposals are subject to a threshold that applies to all such transactions in a year taken together, so not only to crypto. If it is exceeded, the entire gain is taxable and not merely the amount above the line. The figure currently in force is best checked shortly before you file, because it was raised recently.

The attribution. If you acquired FF in several purchases, you have to attribute cleanly which units are leaving when you sell, and document that attribution. With several wallets and exchanges this quickly becomes hard to survey; a tracker that logs inflows and outflows without gaps saves you most of the work here. Our comparison of crypto tax tools and portfolio trackers shows which programmes correctly distinguish staking and transfers between your own wallets. Only a tax adviser can answer your individual case bindingly, because staking income and airdrops each follow rules of their own.

What an unlock does to the price and what cannot be derived from it

This is where the documented part ends, and that deserves saying out loud. The four tranches on September 29 are documented; the market's reaction is not. Both expectations can be argued for, and you should see them side by side.

Anyone expecting falling prices points to the additional supply: 6.47 percent more freely available tokens in a market whose trading volume is limited will push the price down if recipients sell. Anyone arguing the other way points to three counter-arguments. The plan has been public for a year and is therefore priced in. The larger tranches belong to Ecosystem and Foundation, which is to say to the project itself. And staking incentives can tie up fresh tokens before they reach an exchange.

Neither side can be proven in advance, which is why you will find no price target here either. What you can do instead: note the date, watch the movements of the recipient wallets onchain, and fix your own decision beforehand rather than in the moment of the release. The pattern repeats with every token that has vesting, as our assessment of the XPL unlock at Plasma shows, where the released quantity was considerably larger in relation to the float.

The dates after September 29 and the end of vesting

A single release date is rarely the important piece of information. The rhythm is. After September 29, 2026 the schedule lists these further dates with the same composition:

• October 29, 2026: another 203,055,556 FF in four tranches
• November 28 and 29, 2026: 75,000,000 FF from Ecosystem one day ahead of the remaining 128,055,556 FF
• December 29, 2026: 203,055,556 FF once more

After that the series continues monthly, and the last entry in the release schedule lies in July 2029. Until then the still-locked remainder of total supply moves into circulation step by step. Three equally large monthly instalments in a row add up, over a quarter, to around 609 million FF, which is about a fifth of today's circulating supply. This quarterly view says more for a holding decision than any single cut-off date, because it shows the speed at which dilution actually advances.

Risks that have nothing to do with the release schedule

If the date has you thinking about FF, do not look only at the vesting plan. Three other risks matter at least as much for a holder.

Protocol risk. USDf depends on deposited collateral and on hedging transactions. That construction can come under pressure if collateral loses value quickly or counterparties default. A yield of several percent on a dollar-linked token is compensation for this risk and no bank's interest rate.

Liquidity risk. At rank 127 and with few deep trading pairs, a larger order can move the price by itself. Anyone who wants to unwind a position should check beforehand what quantity goes through at their venue without a noticeable discount.

Custody risk. Tokens sitting on an exchange are yours only on that exchange's terms. Anyone holding for the long run separates a trading balance from a balance in self-custody.

FF unlock and lock-up: what to take away

1. Recalculate the release yourself before you take a headline at face value. Allocation divided by vesting months, then the result set in proportion to circulating supply. The step-by-step guide for that is in recalculating a token unlock.
2. Check the venue before the currency. Without a euro pair you pay an additional conversion on FF, and authorisations differ widely. You can compare both in the overview of the best crypto exchanges and among the regulated crypto exchanges.
3. Document acquisition dates before you sell because of a date. Your holding period decides the tax, not the unlock. Which tool records inflows and outflows without gaps is shown by the comparison of crypto tax tools and portfolio trackers.

(As of September 26, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)