One of the best post I've read here in a while. Amazing analysis overall!
Thank you for talking about the AMM, I don't understand why it hadn't been talked about more despite it's one of very few HIVE sink that are proposed on the white paper while the the other ones already proven to have ineffective implementation and failing to remove enough HIVE from circulation.
Indeed, SMTs with AMMs are the greatest HIVE sinks. And these are active sinks, because these tokens are not sitting passively, but are being actively used by the app and the sub-community to create value, attract more HIVE->SMT conversions, bring new users and a lot more.
SMTs must be the top priority for the development of Hive. Instead, we are spending our limited development resources on tactical "nice-to-have" initiatives.