Vitalik’s latest long post offers ETH holders a reminder: stop treating EIP-1559 fee burns as a valuation anchor. Ethereum’s core narrative is shifting toward “store of value.”
His reasoning is straightforward: the burn mechanism can remain, but there’s no need to panic even if long-term burn volume falls below 10% of the breakeven threshold. There are three main reasons.
First, burns have never been the true price floor for ETH. The high burn rates from 2021 to 2023 were driven mainly by use cases within the crypto community. When the token price falls, that revenue shrinks in tandem. RWA growth has indeed brought external revenue support, but mature businesses won’t see the spectacle of $180 million burned in a single day again.
Second, if Ethereum wants to rely on fee burns to support a market cap of around $270 billion, it would have to operate like a large corporation: protocol-level funding of about 700,000 ETH a year just for R&D, validator revenue cut by two-thirds, and long-term, heavy-handed governance to go with it. That is fundamentally incompatible with resistance to capture and decentralization. And maximizing fees would drive up gas costs, pushing off-chain the users who need privacy and security most.
Third, the store-of-value positioning is what aligns with Ethereum’s unique strengths. Decentralization and CROPS (censorship resistance, resistance to capture, open source, privacy, and security) deliver long-term stability—and stability will be repriced in the age of AI disruption. The path forward involves more conservative technical trade-offs, advancing core protocol ossification, reducing political disagreements at the protocol layer, and using tools such as multisigs and FOCIL to improve security for holders and censorship resistance.
In a nutshell: at the societal level, Ethereum’s value lies in bringing decentralization to more people and use cases; at the individual level, the best reason to hold $ETH is as a store of value—and that quality stems precisely from decentralization itself.
#以太坊 #价值存储 #EIP1559
His reasoning is straightforward: the burn mechanism can remain, but there’s no need to panic even if long-term burn volume falls below 10% of the breakeven threshold. There are three main reasons.
First, burns have never been the true price floor for ETH. The high burn rates from 2021 to 2023 were driven mainly by use cases within the crypto community. When the token price falls, that revenue shrinks in tandem. RWA growth has indeed brought external revenue support, but mature businesses won’t see the spectacle of $180 million burned in a single day again.
Second, if Ethereum wants to rely on fee burns to support a market cap of around $270 billion, it would have to operate like a large corporation: protocol-level funding of about 700,000 ETH a year just for R&D, validator revenue cut by two-thirds, and long-term, heavy-handed governance to go with it. That is fundamentally incompatible with resistance to capture and decentralization. And maximizing fees would drive up gas costs, pushing off-chain the users who need privacy and security most.
Third, the store-of-value positioning is what aligns with Ethereum’s unique strengths. Decentralization and CROPS (censorship resistance, resistance to capture, open source, privacy, and security) deliver long-term stability—and stability will be repriced in the age of AI disruption. The path forward involves more conservative technical trade-offs, advancing core protocol ossification, reducing political disagreements at the protocol layer, and using tools such as multisigs and FOCIL to improve security for holders and censorship resistance.
In a nutshell: at the societal level, Ethereum’s value lies in bringing decentralization to more people and use cases; at the individual level, the best reason to hold $ETH is as a store of value—and that quality stems precisely from decentralization itself.
#以太坊 #价值存储 #EIP1559