What Are the Limitations of Applying QTM to Non-Currency-like Utility Tokens?

QTM assumes the token functions as a medium of exchange, which is not true for many utility or governance tokens. If a token is primarily staked or grants access rights, its velocity (V) is extremely low or irrelevant to its primary function.

Furthermore, the PQ (transaction value) is difficult to define if the token's value is derived from a claim on future protocol revenue rather than facilitating payments. Applying QTM to non-currency tokens requires highly subjective adjustments to V and PQ, making the model less reliable.