Economic security as a means to valuing blockchains really makes no sense.

Most value on any blockchain comes from 1 of 2 things:

1) Its own token

2) RWAs (stablecoins)

I don't follow the logic of why RWAs need economic security if the ownership of the underlying assets is determined by legal means.

For example, controlling Ethereum's validator set does not entitle you to USDT's backing of real-world treasuries.

An economic security valuation framework only makes sense when you consider assets with a claim process outside the legal system.