Like going back and look at the fundamental business case of crypto:
This is possible by considering blockchains as businesses that sell space on the ledger .
Except we don’t earn any money for selling that space, so blockchains can’t be businesses. It would be another thing if transaction fees were revenue that went to a company that develops and markets the blockchain, but then it wouldn’t be decentralized, and would lose the deflationary aspect of the fee.
I’m the author, the trad-fi valuation model is only used to isolate the net benefit a blockchain provides accounting for the economic costs of the chain and the value it provides to users. If there is a positive net benefit, it is the choice of the chain and its design to distribute that back to holders of the native asset or just to validators, either way, there is someone earning the fees paid. Most chains choose not to, because they end up paying all of it to the security budget anyways.