this assumes that all MNOs sell their rewards all the time. That makes the cost real. Otherwise this is all just a virtual number
So the $32 million budget per year is a far bigger waste than anything the treasury can throw away IMO. Treasury is only 10% of the supply. Nodes are going to get 60.
They not only offer hosting costs and coins in wallets ... they also offer services that this network of nodes manages and that enrich the project. The point is that the qualitative leap is the management of the Treasury and that this generates real returns and growth to the project.
I personally believe that both miners and Mnodes get those returns, RELATIVELY ... the problem is that the costs are absolutely unconscionable. And, by the way, the fiat price, which serves to justify an attractive return for Mnodes, you should also consider it for miners, however, there you do claim a higher percentage in the distribution of monetary issues (and for me, there is no a direct transmission of value between mining effort and price).
Imo, both collectives, Mnodes and miners, should receive a much smaller proportion of the monetary issues ... and focus the rest, received by the treasury, on creating more prosperous growth and a more prosperous price. Starting with an adequate management of Reserves in proven store of values that would represent, without so many subjective speculations, not only a DIRECT transmission of value to the ecosystem but also and by extension, a transmission of this nature to DASH, the attractive store of value. ... and for the general benefit of all the profiles integrated in it.