I've seen a lot of discussions lately about FIP.16, FLR inflaton, deflation and TVL. These are valid concerns, but personnaly I look at Flare a bit differently. When I look at FIP.16, FIRE and the potential MEV capture, I try to connect all this with what Flare is building. And I see 4 layers that slowly comes together: 1. Assets: $XRP, $FXRP, stablecoins, $RWAs and assets from other chains. 2. Operations: FSA, lending, collateral, cross-chain interactions, confidential orderbooks and execution through FCC. 3 Verification: $FTSO, FDC, attestations and secure computations. 4. Value capture: Protocol fees, FCC revenues, potential MEV capture and FIRE redistributing value toward security, incentives and possibly reducing FLR supply. Now imagine institutions keeping their assets on XRPL or Ethereum, but using Flare to coordinate transactions, manage collateral or execute trades confidnetially. Flare could potentially generate revenues from all this activity without even holding the underlying assets. And that's why I don't really understand why we focus so much on TVL when talking about Flare's future economic model. FIP.16 was introduced before the full stack was even operational. So what if this economic model was actually designed for the financial activity that Flare is still preparing to support? We are not in the Flare team, we don't know their discussions, their NDAs or potential partneships. Hugo and his team probably have a much better view of where they want to position Flare in the future financial system. Of course it doesn't guarantee anything, but I don't think they designed FIP.16 without thinking about all that. Yes development is slow, there is delays and sometimes things don't go as planned. But having managed complex projects myself, I know how complicated it can become when you have so many technical and external dependencies, and especially when some are not even under your control. I'm still very confident about Flare, even if I know the execution and actual revenues will be what really matters in the end. I just think before judging FIP.16 only by today's inflation or TVL, we should maybe look at the entire stack and try to understand what kind of economic activity Flare is actually building for. Because for me, the question is not just how much value is locked on #Flare today, but how much value could eventually pass through its services, even if the assets stay on other chains. Anyway, that's how I see it. Sometimes I think we are looking too much at what Flare is today, and not enough at what they are trying to build. $FLR