openwrt – Is DD-WRT wasting NVRAM space?

Please explain how I am misunderstanding these two commands:

root@DD-WRT:/tmp/var/log# cat /proc/mtd
dev:    size   erasesize  name
mtd0: 00080000 00020000 "boot"
mtd1: 00180000 00020000 "nvram"
mtd2: 01e00000 00020000 "linux"
mtd3: 01c60000 00020000 "rootfs"
mtd4: 05000000 00020000 "ddwrt"

root@DD-WRT:/tmp/var/log# nvram show >/dev/null
size: 52341 bytes (78731 left)

Flash pages on my router are 128 kB (0x20000)
and there are 12 pages (0x18/0x02) dedicated to NVRAM.
Why, then, is my total available NVRAM just one page (52341+78731 B)?

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