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Why such a huge number locked in vesting??

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Do you mean staking rewards?

dayoftheape
yes

Let me dig up the copypasta ... Ok here it is The ratio is different every week. Community member @therfnoob gave this great explanation: Every week 150k PERP are distributed to stakers. 1) Some of these PERP represent (in value) 50% of the revenues from the protocol. These are regular PERP tokens; you can get them immediately and do with them what you like. 2) The rest of these 150k PERP are vested PERP, that will become ordinary PERP in 6 months. [You can claim them at that time.] So the amount of (1) varies, from week to week, depending on the revenues of the protocol.

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