I see the risk of speculation in any token with a deflationary narrative, and WAL is not immune. If holders treat WAL purely as a scarce asset to hoard, storage usage could become more expensive or unpredictable.
That would weaken its role as a payment token... What balances this is that WAL has recurring demand tied to real consumption. Storage, availability proofs, and node rewards all require continuous flows, not one-time purchases.
In my view, WAL only works long term if it circulates. Hoarding may happen at the margins, but utility demand anchors the system in actual usage rather than belief alone.
