It doesn't really find out. As with many things the counterfactual is unobservable.
For example, if high interest rate is maintained and Hive does well, would it have done as well or better even with a low interest rate?
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Yes, true that. Other things influence as well, and we cant mesure the exact impact. And as we are seing now probably the overall crypto market has the biggest impact, and that is totaly non corelated with the local hive tokenomics.