Sure, but it is still redeemable value for an attacker, yet attacks are relatively scarce. Or scarce enough for people to keep putting money into it. That's the point I was trying to make.
I know what you mean by "no underlying assets" but I'd say it's arguable. Does BTC (WBTC) have value? By this time it seems like it does. There are also billions of dollars of "stablecoins" on the network. Are they a valid underlying asset? So far it seems like they are... Things have no underlying value until they all of a sudden do, I think that's the story of Bitcoin. A story of value too.
