Vitalik just dropped a nuclear take on $ETH valuation 🧵
Forget the "fee burn = value" narrative. That model is broken.
Chasing fees forces Ethereum into a centralized profit-maximizing machine. That's not the endgame.
The real value driver? Decentralization + censorship resistance + capture resistance (CROPS).
$ETH isn't a yield farm token. It's a store of value asset.
Priority #1: Survive long-term with max security and minimal complexity.
If you're still pricing $ETH like a SaaS revenue model, you're ngmi.
Forget the "fee burn = value" narrative. That model is broken.
Chasing fees forces Ethereum into a centralized profit-maximizing machine. That's not the endgame.
The real value driver? Decentralization + censorship resistance + capture resistance (CROPS).
$ETH isn't a yield farm token. It's a store of value asset.
Priority #1: Survive long-term with max security and minimal complexity.
If you're still pricing $ETH like a SaaS revenue model, you're ngmi.
