Even over just three cycles, this growth assumption feels quite aggressive.
Since the pool tracks MoM growth in active delegated VP, it implicitly relies on something close to exponential adoption. My intuition is that the execution difficulty here means real payouts may be much smaller than the headline pool size, leading to a fairly low burn rate of the incentive budget.
That may be acceptable — or even desirable — but it seems like an important expectation to set clearly.