“Ultrasound Money”—even its founder no longer believes in it.
On November 8, Vitalik posted four times on X: “ETH has never looked stronger as a token whose fees are burned.” He said ETH should be measured as a store of value, anchored in decentralization: censorship resistance, open source, privacy, and security.
He didn’t say to scrap EIP-1559. The burn mechanism stays. He’s just saying there’s no need to be disappointed if burning doesn’t even reach one-tenth of the break-even point; value comes from elsewhere.
The numbers don’t support the old story, either: so far in 2026, only about 19,200 ETH have been burned, compared with 1.48 million in 2022. Fees are lower, activity has moved to Layer 2, and the decline in burns is structural.
$ETH is now hovering around $2,120, after briefly dropping to $2,081 on the 8th. Changing the anchor isn’t bearish; it just changes the question: is a coin valuable because of how much has been burned, or because of how hard it is to take away?
Are you holding ETH for the burn, or because it’s stable enough?
#InterestsBehindTheHotTopics,#Ethereum
On November 8, Vitalik posted four times on X: “ETH has never looked stronger as a token whose fees are burned.” He said ETH should be measured as a store of value, anchored in decentralization: censorship resistance, open source, privacy, and security.
He didn’t say to scrap EIP-1559. The burn mechanism stays. He’s just saying there’s no need to be disappointed if burning doesn’t even reach one-tenth of the break-even point; value comes from elsewhere.
The numbers don’t support the old story, either: so far in 2026, only about 19,200 ETH have been burned, compared with 1.48 million in 2022. Fees are lower, activity has moved to Layer 2, and the decline in burns is structural.
$ETH is now hovering around $2,120, after briefly dropping to $2,081 on the 8th. Changing the anchor isn’t bearish; it just changes the question: is a coin valuable because of how much has been burned, or because of how hard it is to take away?
Are you holding ETH for the burn, or because it’s stable enough?
#InterestsBehindTheHotTopics,#Ethereum