Hey Duncan, great post. One comment I have is surrounding the use of MV=PQ with regards to staking models. The quantity theory of money works when analyzing money, but work tokens aren’t exactly money. The interesting aspect of the staking model, and other new models, is that the asset in question is productive. It allows the owner to potentially claim future revenue. It’s more analogous to a rental property or an equity with dividends built in than it is to a currency.