$ETH 's fee-burning logic was doused with a bucket of cold water by Vitalik himself: even if the amount burned over the long term falls short of 10% of the newly issued supply, that shouldn't be a reason to feel disappointed.

Here's what happened: On November 8, Vitalik said publicly that Ethereum shouldn't deliberately pursue higher network fees just to increase the amount of ETH burned. He believes ETH is more reasonably valued as a store of value than if its valuation relied solely on fee burns.

There's quite a contrast here. In the past, many people were bullish on ETH because EIP-1559 burns part of the transaction fees, with more burned as the network gets busier.

But now Ethereum also has to compete with low-cost blockchains like Solana, while working to bring transaction fees down on L2s. Users want fees to be as low as possible, while holders want as much ETH burned as possible. These goals are inherently at odds.

Vitalik isn't calling for the burn mechanism to be scrapped; he just doesn't want Ethereum to sacrifice decentralization and user experience in order to create deflation.

I think this means ETH's valuation logic needs to be reconsidered. Whether security, staking demand, and its role as a store of value can create long-term demand matters more than short-term burn figures.

I won't turn bearish on ETH just because of these remarks, but I also won't treat deflation as a guaranteed reason for its price to rise.
#比特币连续五周下跌