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It may also be a question of trying to figure

out if the chicken or the egg came first - meaning - is the price dropping because rewards are low? Or are rewards low because the price is dropping?

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Exactly but based on observation, when waves rise in price rewards rise also and when usdn price is low rewards rise also. Right now waves price is going down so rewards down too and usdn is not really low so same thing for that.

The price is tightly bounded to the WAVES price.

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