The bear case for $STONKBROKER is also what makes the token interesting Activated NFTs receive tokenised stocks funded by protocol fees. Activation requires $STONKBROKER, with 50% burned The problem: activation is denominated in tokens If $STONKBROKER 5x’s while rewards stay flat, activation costs 5x more. Eventually the yield (stonk distributions etc) no longer justifies the cost and activation demand falls BUT activation isn’t the only demand sink @MancerXYZ , @stonkpit (DERP) & future launchpad projects require 25% of their LP in $STONKBROKER, creating structural token demand as the ecosystem expands Then there’s the exchange layer More trading → more fees → more StockBooster distributions → better NFT rewards → greater economically viable activation demand And a future liquid Robinhood listing could add another loop Offchain price ≠ onchain price → arbitrage → more onchain volume → potentially more protocol fees → larger stock rewards So the bear case isn’t simply that activation eventually becomes too expensive It’s that ecosystem growth fails to outrun that effect If Mancer launches dry up, LP demand stagnates, trading volume fades and StockBooster rewards stop growing, the activation flywheel eventually stalls The thesis therefore comes down to one question: Can StonkBrokers turn $STONKBROKER from an NFT activation token into the liquidity and fee layer for an entire onchain financial ecosystem? If yes, activation may only be the first demand sink If not, rising token price eventually starts working against itself You may ask, why would I try find a bear case? Sometimes protocol upside is too good and I need to ground myself to know what the downside is Main risks I see are: execution risk, counterparty RWA risk ( @rialto_xyz ), protocol risk (hacks etc) But honestly given how interesting and novel these mechanisms (and incubated projects coming through the launchpad are) the risk/return feels pretty good… particularly if they can sustain volume + fees to drive rewards back to token holders Excited to see how this evolves… h/t @OxSimpleFarmer @MichaelHirsch @Unclemac et al for creating something exciting and injecting innovation back into the space