Helium burns $11m+/month in HNT from actual carrier payments against a $114m market cap. that's ~10% of mcap burned monthly from real usage, not speculation. post-halving emissions dropped to 7.5m HNT annually while revenue grew 32% QoQ to $6.9m in Q1. net deflationary crossover hit in september 2025 and the gap keeps tightening. meanwhile IOT sub-network consumes 35% of total emissions while generating 1% of revenue. HIP 147 already shifted rewards toward data transfer but the allocation mismatch is still dragging on the mobile network that actually produces revenue. 3.5m helium mobile subscribers and AT&T routing live traffic at $0.50/GB versus $1+ on traditional infra. the 78% subsidy ratio is the bear case but it was 95%+ a year ago. trajectory is what matters and the trajectory is toward breakeven within two quarters if QoQ growth holds