Payment networks

These networks were built to move value cheaply, not to run complex applications. Their usefulness is easy to check: there are real corridors where sending money this way costs considerably less than through traditional banking. The usual analytical trap is assuming payment volume creates token demand, when the asset may be held for only seconds.

What to compare: Separate volume passing through the network from demand to hold the asset. Check too whether fees are burned, paid to validators, or simply minimal by design.