It's interesting to ask these same questions of Bitcoin. What gives Bitcoin value? My perspective says speculation capital. I believe that's a majority indicator for most cryptos including chains like BTS that have complex mechanisms for tying up tokens. I could be wrong. Another way of looking at speculation capital and cryptocurrency is that value is captured in the economics described by Greater Fool's theory. Future transaction fee revenue might impact Greater Fool's theory in terms of a speculator's net cost but I'm at the point where I don't believe trsx fee revenue represents even a small fraction of speculation capital within a popular DAO. We have yet to see a successful DAO that captures a meaningful amount of transaction revenue despite market caps in the hundreds of millions.