There are actually two lock-up periods that need to get considered:
- The first lock-up period is the one defined by the protocol, that we know from other proof-of-stake protocols such as Polkadot or Cosmos.. It works like a highway in rush hours - the more people who want to exit at the same time, the longer it takes. And the same implies for the entrance queue.
- The second lock-up period is not the usual lock-up period, but simply because the transactional layer will not be implemented from Phase 0, so until it is implemented at a later phase, it won't be possible to transfer tokens on the chain. This phase is expected to take 6-9 months at least.