I took a look at WALs token design and it seems like the supply and demand are pretty well balanced. What really catches my attention is that people actually use WAL for things not just because someone is trying to make the price go up. You need WAL to pay for storage to stake and to participate in governance so the token has a purpose, in the system.
The people who make things are being careful. They are watching the emissions. They only let people participate if they follow the rules. The emissions are not just given out freely. This is combined with some rules that help keep the network activity from getting too big. All of this helps to keep the supply of things from getting out of control. The supply of things is linked to the network activity. This helps to keep everything in balance. The emissions and the network activity are what help to keep the supply from getting too big or too small.
The model feels really stable because it is based on how the protocol works. This makes it easy to understand the model. It is also easy to trust the model. The protocol and the model do not have any ideas that are part of them.
This kind of balance does not create sudden excitement but it supports long term health. WAL’s token design looks built to hold up as usage grows rather than relying on hype to sustain interest.