How Does the Maturity of a Dapp Ecosystem Typically Correlate with Its Token’s Velocity?

As a dApp ecosystem matures, its token's velocity often stabilizes or decreases. In the early, speculative phase, high turnover (high velocity) is common.

As the ecosystem matures, utility becomes more established, and mechanisms like staking, lending, and governance lock-ups become more prevalent. This increased functional use as a capital asset, rather than just a medium of exchange, incentivizes long-term holding, which naturally reduces the token's velocity.