LeoDex was a potential revenue bottleneck, but I wouldn’t call it the proven cause of LeoStrategy’s failure: the stated sLEO model depended on trading fees, with yield tied to volume. If that income never materialized, it would have weakened cash flow; however, zero income received personally doesn’t establish zero treasury income. Keeping LEO on Hive offers a reasonable counterfactual, not proof that curation earnings would have saved the project. My view: the strongest criticism is relying on an unproven revenue stream—quantifying its contribution requires treasury receipts, operating costs, and a dated payout history.