Vitalik Buterin appears to be stepping back from the "ultrasound money" framing that has long been associated with Ethereum. According to the report, the Ethereum co-founder argues that ETH's value rests more on the network's stability than on the amount of fees burned over time. He points to decentralization, censorship resistance, and security as the core sources of that value.

Shifting the emphasis from fee burn to fundamentals is an interesting change in how one of crypto's most prominent figures describes ETH. Where do you think its value really comes from? $ETH

Source: https://decrypt.co/382837/vitalik-buterin-moves-on-from-ultrasound-money-says-eths-value-is-stability

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