What is the status of waves native:

It is:

Diluted by DeFI token Swop because team chose to create new token instead of using waves for DeFi. As such Waves native is not useful for anything DeFi related

Needed to produce USDN which is a gateway token into DeFi. There is already alot of USDN in circulation so the need for waves native is reduced because others already did the job of minting USDN

Needed for exchange and transfer fees however that does not justify 2 billion market cap, maybe few hundred million at most probably much less

Needed for 6% APY staking but there are many other DeFi options with much lower initial deposit and much higher APY so Waves is not able to compete in passive income bracket

Needed for token creation service and market making in token/waves pairings which is the main markets in the dex. Anyone who is using waves for this purpose is better to mint tokens on waves and keep funds in TurtleNetwork for liquidity because it is the same technilogy behind it, but valuation is much lower and DeFi APY on Swop is 117% instead of 6%

It seems Waves is also not needed for the NFT EGG trading

So the only merit for 2 billion market cap is Binance futures speculation which is a bad fundamental to justify this price level

Investors who choose to allocate alot of money into waves native in the present must understand exactly what is its limit

I don't know if waves is used for all background operations of NFT or DeFi but it seems transactions are running on EGGs and SWOP?