Let me try and clarify things.
SAFEX TOKEN AND DIVIDENDS
Main Safex value proposition is (and always was) tied to the marketplace, through dividends. The marketplace will have an average fee of 5%. These 5% will be distributed to Safex token holders (using SafexCash, see below). This has not changed. Safex supply is 2.18B, and there are no plans to increase this. Once the new blockchain is ready, Safex token will be coin swapped to a new Safex token (on the new blockchain) using 1:1 ratio. So, Safex token remains to be Safex token of 2.18B.
SafexCash is a completely new coin. It does NOT add to the supply of the Safex token. SafexCash is meant to be used as a currency on the marketplace. So all transactions on the marketplace, and the above dividents paid to Safex token holders are to be done in SafexCash. SafexCash will be PoW, so it will be mined. SafexCash holders are not entitled to dividends, these are only meant for Safex token holders.
ONE TIME AIRDROP
The one-time SafexCash airdrop (this is not dividents payment!) is meant to distribute some initial SafexCash to Safex token holders, to kickstart the marketplace. Its not meant to be some main financial return to Safex token holders. The main return for Safex token holders should be the dividends.
I have no idea where you got this impression: “One of the reasons people held for years was the expectation that they would receive essentially 5 percent of the currently circulated amount as a bonus”? This would require Safex token to have inflation (+essentially be like a PoS coin), so that this “extra” 5% could be created and distributed. I am not aware this was ever the intention. It was always 5% of the marketplace trade volume, paid periodically to Safex token holders.
VALUATION OF SAFEX TOKEN
The only thing that Safex token value is really tied to is the trade volume of the (future) marketplace. This is what will decide the faith of this token, and SafexCash supply has nothing to do with this. So once the marketplace is released, its actual and expected trade volume will determine the price of the Safex token.
You will valuate Safex token by asking yourself: at what price should I sell one Safex token, so it is equal or better in financial terms than holding it for X years and receiving dividends?
I’m here if you have more questions.