Yes, the trading fees (and other possible benefits) were completely ignored in this research.
There are many other benefits of LP trading, no doubt. As many do mention here in the comments too.

I was looking in to this from a very specific, fixed point of view - what is more beneficial do to with my fixed LEO token chunk - Leave more in the STAKED position and less in LP, or More in LP and smaller left for curations?

In other words - totally selfish valuation, what brings more direct, short term profit to myself. Because it would be very difficult to anyone evaluate, what is more beneficial for community in general - bigger STAKE or bigger LP.

Large STAKE is great if many holders do manual curations. But we don't know how long this will continue What if many largest, most active manual curators eventually get tired, and newcomers slowly tend back to autovoting bots? We have no guaranty this will not happen.

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