Vitalik: ETH Should Focus on Store of Value, Not Fee Burn

Buterin is reframing the ETH valuation debate away from a mechanical burn narrative and toward a monetary-premium thesis, which matters because the burn was long treated by parts of the market as a structural support. His point that sustaining a large market cap via burns would demand heavy protocol funding and interventionist governance cuts to the core trade-off between token economics and credible decentralization. The open question is whether this reframing gains traction among holders who anchored on the burn story, and how the retained EIP-1559 mechanism is subsequently discussed in protocol governance.