$TAO has a supply problem... not in quantity, but in clarity. Everyone talks about emissions and incentives. Almost no one talks about who actually captures the value. Miners earn. Validators curate. But demand side pressure is still fragmented. If usage doesn’t consistently translate into buy pressure, emissions become leakage, not growth. The real question for TAO isn’t expansion, it’s value routing. Until that’s tight, the upside narrative stays incomplete.
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