$ETH ’s story: Vitalik has changed his tune.
According to reports by Cointelegraph and Decrypt, he posted on X that ETH should no longer be viewed as “a coin propped up by fee burning,” but rather as a store of value. He also wrote that even if fee burning stays below 10% of the break-even point over the long term, there’s no need to be disappointed—ETH’s value comes from elsewhere.
The numbers don’t pull any punches, either. Data cited by Cointelegraph shows that from January to October this year, median fees on Ethereum mainnet fell from 35 cents to 3.5 cents—a drop of nearly 90%. Over the same period, daily transaction volume actually rose by more than 50%. More people are using the network, but less ETH is being burned, making the “ultrasound money” narrative increasingly difficult to sustain.
The Bitcoin camp, unsurprisingly, isn’t buying it. Dan Held said outright that ETH’s old narrative had collapsed, and that it was now trying to ride on Bitcoin’s store-of-value story. Some in the ETH camp welcomed the change, saying it was about time someone made things clear.
My take is simple: narratives can change, but whether the price follows is another matter. Don’t rely on slogans to carry your trades. Low fees mean the network is easy to use; they don’t necessarily mean people will rush to buy the token.
#ETH #Vitalik
This is not investment advice. Manage your own positions.
According to reports by Cointelegraph and Decrypt, he posted on X that ETH should no longer be viewed as “a coin propped up by fee burning,” but rather as a store of value. He also wrote that even if fee burning stays below 10% of the break-even point over the long term, there’s no need to be disappointed—ETH’s value comes from elsewhere.
The numbers don’t pull any punches, either. Data cited by Cointelegraph shows that from January to October this year, median fees on Ethereum mainnet fell from 35 cents to 3.5 cents—a drop of nearly 90%. Over the same period, daily transaction volume actually rose by more than 50%. More people are using the network, but less ETH is being burned, making the “ultrasound money” narrative increasingly difficult to sustain.
The Bitcoin camp, unsurprisingly, isn’t buying it. Dan Held said outright that ETH’s old narrative had collapsed, and that it was now trying to ride on Bitcoin’s store-of-value story. Some in the ETH camp welcomed the change, saying it was about time someone made things clear.
My take is simple: narratives can change, but whether the price follows is another matter. Don’t rely on slogans to carry your trades. Low fees mean the network is easy to use; they don’t necessarily mean people will rush to buy the token.
#ETH #Vitalik
This is not investment advice. Manage your own positions.
