Offchain Labs co-founder Steven Goldfeder clarified that market data has mischaracterized parts of ARB’s supply structure by counting DAO-held tokens as “locked.” Goldfeder said the unlock schedule for ARB investors and team members is nearly complete and is expected to finish by March next year. At that point, remaining locked tokens will represent about 7.7% of total ARB supply. The larger remaining ARB balance is held by the Arbitrum DAO treasury, which currently controls about 2.84 billion ARB. Goldfeder said these tokens are not traditionally locked, and their use depends entirely on governance votes by ARB holders.