I'm just point out the overall supply of the token. Up until the wLEO anouncment and the incentives, 90% of the token was staked. Now the whales are unstaking and will move to liquidity providers on eth.

For sure you can not have them on both places :)

Ones they are unstaked and wrapped on eth, they are there only.
Still not everyone will move and a lot of the tokens will remain staked, constraining the supply.