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Market Dynamics

Purchasers of tokenized carbon tonnes are responsible for "pricing in" carbon to the system. Holders of KLIMA have exposure to a new type of money, backed by these assets.
The market value of these tokenized offsets (e.g. BCT, MCO2) over time will be dictated by supply and demand of the underlying offsets composing the offset token; as demand for carbon offsetting at the macro-level increases, and the quality of carbon offset projects increases, the market value of carbon offsets will also increase. All extrinsic value (i.e. value of KLIMA - value of carbon assets) is new wealth created.

Player Goals

Stakers care primarily about their KLIMA balance. Value is not the main goal in the shorter-term. KLIMA is a long-term play, and maximizing holdings is the objective of stakers.
The ideal staker cares about the long-term value exploration of tokenized carbon offsets, as well as the quality of the offsets that flow into the ecosystem.
Bonders care primarily about the On-chain Carbon Tonne supply and their KLIMA balance. Bonders obtain KLIMA at a discount to market price by relinquishing carbon tokens or liquidity provider (LP) tokens to the treasury to be locked away indefinitely. Their impact on the carbon market and KLIMA rewards from bonding are proportional to the amount bonded.
In the case where demand for bonds is low relative to capacity, purchasing carbon assets or providing negotiability and bonding for new KLIMA will be cheaper than purchasing KLIMA on the free market.
Bonding is a much more active strategy, as you must consider the trade-off between bonding carbon tokens or LP at a specific discount vs. buying KLIMA directly and staking. Since bonds vest linearly over 5 days, calculations are typically necessary to quantify if the discount is worth it relative to simply staking KLIMA.

Underlying Dynamics

Expansions can be triggered by an increase in staking or bonding.
An increase in the percentage of KLIMA staked will generally be preceded by purchases of KLIMA from the market, this increases the value of KLIMA and in-turn should serve to bring in more stakers and continue the cycle as long as there is demand for the carbon offsets backing KLIMA.
Inverse Bonding With a Diversified Treasury
Since the treasury holds multiple types of tokenized carbon with differing market value, but each KLIMA is backed by 1 tonne of carbon regardless of type, the treasury could be incentivized to start buying back KLIMA via inverse bonds if KLIMA is trading below any of the individual carbon tonnes in the treasury.