I’m picturing using the channels in the exact same way Strike purports to. As a way to move money instantly / globally but settle backend in whatever fiat the customer wants. Absolves them of cap. gains, MSTR takes their fee, customer gets instant settlement at ~98% cost savings relative to tradfi intermediaries.
Discussion
Not sustainable in a deflationary environment
Seems perfectly sustainable as exchange rate just adjusts with spot price movement. If channels hold too much liquidity size / value can easily be amended.
The winning strategy is to exchange as little as possible. Eventually the losers will go broke and then demand for exchanges will disappear