In the back of our mind, we consider cryptos disinflationary. That’s only partly true. Pure scams aside, for decent projects, we expect the rate of new issuance events to slow down over time.
That said, an investor dilution should go down over time too. However, the reality is that during the initial period after a system goes live, there must be plenty of capital inflows relative to its market cap to just maintain the rate of exchange on some horizontal level.
Take Gnosis, for example. What share of the token supply is still outstanding? Over 90 percent. ZCash? Almost the same.
Even among the best-accepted projects, many still have up-to-ceiling full “founder treasures”. That’s dangerous. No team and code quality can save investors from being diluted at some point in time in the future.
I believe that no-mining tokens should not fool around and stick one-time-ever emission with a minimum share of tokens left vested for founding team and some market-making during the formation stage.