TBD locked supply is distinct from standard locked supply because it lacks a defined unlock schedule. While locked supply has precise cliff dates and linear vesting parameters, TBD locked tokens sit in holding patterns — foundation wallets, DAO treasuries, ecosystem reserves — waiting for a trigger event that may or may not have a timeline. This makes TBD locked supply the hardest category to model and the most dangerous to overlook in supply analysis. Tokenomist classifies TBD locked supply into two categories. Event-Gated tokens are contingent on specific governance votes or protocol milestones — they remain locked until a proposal passes or a condition is met. Operational tokens fund ongoing grants, incentive programs, or ecosystem development with incremental distribution over time, but without a fixed schedule. The distinction matters: Event-Gated TBD supply can convert to standard locked supply overnight (with a newly defined schedule), while Operational TBD supply tends to trickle into circulation unpredictably. A notable real-world example is Arbitrum's DAO Treasury. At launch, the treasury was classified as TBD Locked because no vesting schedule existed. When AIP-1.1 passed, it established a 4-year vesting schedule for those tokens, converting them from TBD locked to standard locked supply with a predictable unlock curve. This reclassification is exactly the kind of event that changes a token's supply outlook dramatically, and Tokenomist's Updates Feed tracks these governance decisions as they happen.