As always you have your eyes on the money. I was in the meantime thinking of users and defi applications. Active users that are part of the ecosystem is basically the only metric that is Alpha to me. You take the Hive supply and divide it by X users' HP and that's the squeeze that sends the price.

Yes yes, that is what I was thinking.

The amount of HBD could help to feed into sustainable price action by using it to buy $HIVE.

The mechanics would have to be taken into consideration as well.