Long time hodler here, I don't think leasing is the biggest thing that keep people in Waves. Leasing rates are pretty low if you compare it to other POS coins. The thing Waves offer is way bigger than that, that's why people buy and hodl this coin.
I bought from ICO and sold it for loss, then I realized I made a mistake and buy it again and wait. Now that decision pay me off well and I have higher expectations from Waves.