The ecosystem can grow even if the token only distributes value.

The development of the ecosystem is usually perceived as a direct driver of value. New applications, partnerships, and activities create a sense of progress. However, at the market level, this does not always manifest in the growth of the token's price.
The reason is that the ecosystem and the asset serve different functions. The ecosystem can grow through subsidies, grants, and incentives, without creating a sustainable demand for the token. The asset in such a model becomes a distribution tool rather than a point of value concentration.