WAX's recent move is quite something - it has directly entered the deflationary track.

Now everyone is acquiring on-chain resources, mainly not through traditional staking methods, but through the PowerUp channel. This design is quite clever: the more the network is used, the more PowerUps are activated, and the less new coins are minted, which in turn increases the amount of $WAXP being burned.

In simple terms, user activity itself is providing blood transfusions to the ecosystem. The stakers are not losing out, as they can earn around 9% annually, and inflation is continuing to press down. This chain is running through a logic: it sustains itself through usage frequency, rather than mindlessly increasing supply and causing dilution.

It sounds a bit idealistic, but the mechanism is indeed moving in that direction.