To give a token investment value, you have to create some transaction demand for the token originating from those who had to buy the token (not just from tokens given away to bloggers coming out of investors' pockets).
A decentralized market combined with anonymous SBD transfers could create some demand for STEEM. 😉
I don't think Dan and company have the balls for that though. It would also require a downloadable GUI since that would make any centralized wallet a target.
I still maintain paid advertising is a part of the solution. I realize it won't solve the issue because it is not enough money, but it would create some demand for STEEM outside of the STEEM network.
They could integrate something like SIA has for file storage. An integrated image uploading solution would be quite handy actually, but I guess people wouldn't be willing to pay for it. Chalk that one up to an unprofitable yet awesomely convenient feature.
A DEX utilizing sidechains (read: not derivatives) can be a profitable feature. As long as profit is being made, it would work similarly to creating demand for STEM by offsetting debasement. It might also coincidentally create extra demand for STEEM if the SBD was used as a main trading pair against other Cryptos.
Creating a smart contract programming language which allows other people to build apps on top of STEEM which could create demand for STEEM. Aka... the Ethereum business model
Gamification could create demand for STEEM. One excellent example would be Bitcrystals... a collectable card game. Collectible card games and block chains make a lot of sense to me, but I am sure there are other types of games.
I touched on this up post, but you need to also that any feature that makes the DAC profitable works similarly to creating demand for STEEM as it offsets debasement. A casino and gambling games are a fine example. That would also likely create some demand for STEEM, but most of the gamblers would probably come from within the ecosystem.
Side note: I think allowing people to gamble with their locked up SP on an on chain casino would be a great idea. Certainly some would gamble away all their SP which would negate debasement. I can see a lot of impatient people that would do so. The casino would pay out in locked up SP, and of course the house has an edge, so I don't see any consequences for the DAC.
Record keeping and notary services could create some profit/demand.
Popularizing SBD as a savings account could create some demand. It does pay good interest compared to most bank savings accounts. It does serve as a good crypto hedge while still staying within the crypto ecosystem. Probably a better hedge than USDT or Nubits etc, considering the interest.
Offering user issued assets or crowd funding can create demand/profit, but admittedly that space is quite crowded already. There may still be some potential there.
Mutual aid societies can create demand/profit.
Creating a network of other chain's block explorers via a Masternode-like network to offer governance services to crap to currencies that don't have such could create profit via side chains.
Utilizing Masternodes offers up some interesting profitable services that can also create demand. One thing that comes to mind is by offering VPNs or possibly a TOR-like network that runs on a subscription based model. Say what you will about DASH, but I think Masternodes can be leveraged to do all sorts of things.
Since transactions are free in the STEEM network, you could setup sidechains for other Cryptos and offer discounted transfer fees. Profit is made off of transfer fees. Someone could send BTC to the side chain to lock in that same amount of BTC, then send it off the BTC chain over the STEEM network to anyone that has a STEM account.
See what I'm saying about profit though? If you can create enough profit to completely offset debasement, then it would create demand for STEEM because it is a profitable DAC. Even if you can't generate enough profit, it partially offsets debasement and a lesser amount of demand is necessary to prop up the price.
/thinking cap
My brain is tired.