Vitalik Buterin proposed on X on November 8 that $ETH should focus on being a store of value, and that there is no need to worry if fee burns remain below 10% of the break-even point over the long term. He said that sustaining a market cap of around $270 billion through burns would require Ethereum to spend about 700,000 ETH a year on research and development, cut validator revenue by roughly two-thirds, and adopt strongly interventionist governance—all of which conflicts with censorship resistance. He also said that daily burns on the scale of $180 million would not happen again.

Burns from 2021 to 2023 came mainly from use cases within the crypto industry, and that revenue shrinks as token prices fall. So this is about giving ETH a new valuation anchor, grounded in decentralization and the stability brought by CROPS.

Changing the anchor is easy; getting the market to accept it is hard. Watch the actual issuance volume of RWAs and decentralized assets on L1.

#以太坊 #价值存储 #Vitalik