# Supply Progress

ZAP doesn't release all auction tokens the moment bidding opens. Instead, tokens are **unlocked gradually** over the course of the auction according to a fixed schedule. This is one of the core mechanisms that keeps the auction fair, predictable, and resistant to manipulation.

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### Tokens unlock on a schedule

Think of it like a faucet that drips at a steady (or varying) rate rather than pouring all at once. Every block that passes, a defined fraction of the total token supply becomes available for purchase.

This schedule is fixed at deployment and **cannot be changed** once the auction starts. It is fully visible on-chain before you ever place a bid.

#### Why a schedule?

* **Prevents a first-block sweep.** Without a schedule, a single whale could arrive at block 1 and buy every token before anyone else gets a chance.
* **Rewards sustained participation.** Bidders who stay in the auction throughout earn a proportional share of every batch of tokens that unlocks while their bid is active.
* **Creates a fair distribution curve.** Supply is spread across time, so every participant — early or late — can compete for meaningful allocations.

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### Front-loaded emission

Many ZAP auctions use a front-loaded emission curve: more tokens are unlocked in the first half of the auction than in the second half.

For example, an auction might release:

* **60%** of the token supply during the first half of its duration
* **40%** during the second half

This rewards early participants who take on more uncertainty (joining before the market has formed a consensus price), while still leaving a meaningful share for later arrivals.

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### Reading the Supply Progress bar

The supply progress indicator on the auction page shows two layers:

```
[████████████████████████░░░░░░░░░░░░░░░]
 ◄─────── Unlocked ───────►
 ◄───── Sold ─────►
```

| Layer                         | What it represents                                                              |
| ----------------------------- | ------------------------------------------------------------------------------- |
| **Unlocked (total released)** | Tokens that have been made available for purchase so far, based on elapsed time |
| **Sold (tokens with buyers)** | Tokens that have been matched to paying bidders at the clearing price           |

The gap between the two — unlocked but not yet sold — represents tokens that are available but not yet absorbed by current demand. As the clearing price adjusts and demand grows, this gap typically closes.

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### Can tokens "run out" before the auction ends?

Yes — in high-demand auctions, demand can outpace the emission schedule, meaning the unlocked supply is fully absorbed by bidders as fast as it drips out. In lower-demand scenarios, unlocked tokens accumulate ahead of confirmed sales.

In either case, the auction runs to its scheduled end block. There is no early termination for selling out.

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### Unsold tokens

Any tokens that were unlocked but not purchased by the time the auction ends are returned to the token treasury. This does not affect your allocation — you receive exactly what your bids earned.

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> Next: [Minimum Funding](https://zealous-auctions.gitbook.io/zealous-auctions-docs/protocol/minimum-funding) — how the soft cap protects bidders from participating in an unsuccessful launch.
