No. Because masternodes are no different from any other part of the supply. They might hold under one set of circumstances and sell under another. Dash supply is not "locked up in masternodes", it never was because no-one in their right mind would hold onto such a huge capital loss in a bear market. The only people that do that are Dash tribalists who do not represent the wider economic landscape - i.e. investors that are not particularly attached to their portfolio as long as it isn't making them money.

Imagine you have a sandpile that weighs 1 tonne and you own 1000 sandgrains which weigh together 1 Kg.

But you're only interested in how many sand grains you have, not what their weight is.

So the sandpile offers to "pay you" an additional 100 sand grains every year in exchange for not selling your sand, so at the end of the year you have 1100 sand grains.

But those 1100 sand grains still only weight 1 Kg.

That's how proof of stake chains work unless they add measurable value through utility.

Dash does not do that because all of the staking revenue has a zero cost base, so investment capital moves ot other chains.



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