The selling pressure comes directly from the rewards being tied to the emission of esHMX tokens. This makes it difficult for us to only distribute USDC without selling HMX since a part of the rewards requires HMX emission.
That being said, we’ve recently proposed a new tokenomics model that addresses this issue, among others, and it has already been voted on. We encourage you to review it as it introduces significant changes in this area.
Thanks for sharing your thoughts!