I would further elaborate these “token holders” to also include indexers, delegators, and even consumers.
With an inflationary only mechanism and lackluster demand for GRT we will see a downward spiralling price of the token, like it has been doing since inception.
Delegation right now is barely worth it, and I think some delegators like me are banking on the query fee tax eventually being big enough to offset any inflationary pressures.
I would even further suggest that the query fee tax should be increased to 3% if curation fees are removed, to promote price stability.
I also think removing all curation fees should only be done after there is an alternative mechanism to signal which subgraphs should be indexed. Such as what is discussed in GIP-0058