When people look at $ARB on CoinMarketCap, they see:

$1.5B circulating supply

$2.2B FDV

~32% of the supply apparently still needs to be unlocked

That is misleading.

Of the currently circulating ARB, 82.8% is held in Arbitrum DAO’s own treasury.

So the amount of ARB that is actually scheduled to go into circulation is much smaller:

Only ~5.5% of the total FDV remaining must be unlocked, allocated across 7 monthly batches up to March 2027.