People - the security of the networks is the value. As liquidity gets loaded on the public chains the stake becomes more valuable as it secures the assets on chain.
This is why increased StableCoin liquidity, tokenized assets and onchain activity implies stake appreciation.
Any news of increased Stable Coin adoption, like we saw today from 2 jurisdictions, is bullish for proof of stake native tokens.
Once StableCoin officially goes live in Jan 18 2027 it will replace the petro and euro dollar and these networks that move it will appreciate proportionally.