In the fast-paced world of crypto, where meme tokens can skyrocket or crash overnight, the conversation around token vesting and lockups is heating up. Recently, a Twitter thread sparked by Haseeb Qureshi, managing partner at Dragonfly Capital, challenged the idea of immediate 100% unlocks on day one. Drawing from historical lessons and game theory, this discussion involving Kyle Samani of Multicoin Capital and Solana co-founder Anatoly Yakovenko offers valuable insights for anyone diving into meme tokens or broader blockchain projects.

Let's break it down. Token vesting refers to a schedule where tokens are gradually released to founders, employees, or investors over time, often with a "cliff" period before any can be sold. Lockups are similar, preventing immediate selling to align long-term incentives. In contrast, immediate unlocks mean all tokens are circulating from launch, allowing anyone to buy or sell right away.

The thread kicked off when Kyle Samani advocated for full day-one unlocks, citing Solana's early approach with a nine-month cliff as a step in that direction. He argued it leads to true price discovery and that markets have gotten smarter over time. But Haseeb pushed back hard, calling it "ahistorical nonsense." He recalled the 2017 ICO era, when no vesting was the norm, leading to dumps, scams, and short-term thinking that tanked projects after the 2018 crash.

Haseeb pointed out that vesting isn't unique to crypto—it's a standard in traditional startups to keep teams committed. He shared a personal anecdote from 2017 about a token startup with no employee vesting, where the team cashed out millions before the project folded. His key argument: incentives matter more than just trusting a team's "willingness to work hard." Without lockups, there's little to stop quick flips that hurt retail investors.

Kyle responded by emphasizing that investors should vet teams thoroughly and noted Solana's cliff was founder Anatoly's idea. Haseeb countered that even Solana later imposed lockups on sales, like those to the FTX estate, to smooth liquidity and ensure long-term alignment. He compared it to locking up limited partners in hedge funds—it's about creating stability.

Then Anatoly jumped in, suggesting teams should have standard four-year vesting like Silicon Valley, but the rest of the tokens should be liquid ASAP to avoid skewed markets. He warned that without this, bullish investors might sell unlocked tokens to buy locked ones at a discount, and IOU markets can't be enforced.

Haseeb's final quip in the targeted tweet nailed it: "If you want bullish investors to immediately sell unlocked tokens and buy locked ones at a discount... Why not just only sell locked ones... so you only have bullish investors?" It's a mic-drop moment highlighting the logic of lockups for attracting committed holders.

For meme token enthusiasts, this debate is crucial. Many meme coins launch with fully circulating supplies and no team allocations, aiming for "fair launches." But as Haseeb argues, this can invite rug pulls or dumps, echoing the 2017 pitfalls. Projects like some Solana-based memes have experimented with short lockups, but the thread suggests longer vesting could build more sustainable communities.

Of course, not everyone agrees. Proponents of immediate unlocks, like Kyle, believe it forces real market testing early. And in meme world, where hype drives value, lockups might stifle the viral energy. But if you're building or investing in meme tokens, consider this: vesting could deter scammers and align creators with holders, potentially leading to longer-lasting projects beyond the pump-and-dump cycle.

This isn't just theory—real-world examples abound. Solana itself benefited from strategic lockups, growing into a major blockchain despite early risks. As crypto matures, blending Silicon Valley best practices with blockchain innovation might be the way forward.

If you're tracking meme token trends, threads like this from industry heavyweights are gold. They remind us that behind the memes and moonshots, solid economics and incentives drive success. For more on how vesting impacts token launches, check out discussions on platforms like X (formerly Twitter). What's your take—lockups for longevity or unlocks for pure market freedom?