Right but the DAO doesn't take up more than half the MC.
This would operate under the assumption that the DAO is liquid.
The DAO is a drip that can be shut off at any time.

On a philosophical level: locked tokens are the same as non-existent tokens.
It's just as easy to print tokens out of thin air and claim that all networks are under threat.
Which is exactly the main theme of all Bitcoin maximalists.

Best example here is if the entire ninjamine was destroyed when Hive was created and we just decided to print money in real time to fund the DAO instead. Logistically both of these solutions produce the exact same outcome and inflation rate. And in fact the threat we are discussing here has already been shown not to exist when the entire DAO was defunded just recently.