1stly, never thought I'd have to agree with @RaoulGMI on anything but here we are

2ndly, real chains are multifarious socioeconomic phenomena, not corporations...there is no reason why BTC has to be a special snowflake and the only thing where MoE/SoV effects count toward or explain val...what will they do if Bitcoin starts having L2s and gets "REV" from them? will you start valuing it like a business at that point? . . . conversely, just because some chains have MEV/REV doesn't mean you have to value them like businesses

3rdly, Dunleavy is getting roasted in the replies by 'economic security is a meme' guys but if you believe economic security is real, his point makes sense. . .people trusting a chain with TVL sets an implied val for the token which may be higher than its current price. . .I do admit this gets more nuanced with centralized assets like stables since they rely *less* on economic security (though not 0) but that's another discussion, it doesn't mean the point is wrong. .