Buterin Says ETH Should Emphasize Store of Value

Ethereum co-founder Vitalik Buterin said the network should make ETH’s case as a store of value central to its long-term value proposition, rather than relying on transaction-fee burning. He argued that decentralization, security and stability offer a stronger foundation, while saying Ethereum should retain the EIP-1559 mechanism that burns part of transaction fees even if the burn does not offset new issuance.

In posts on X, Buterin questioned whether fee burning can provide a dependable valuation floor. He said much of the high fee activity between 2021 and 2023 came from crypto-related uses, whose spending could fall alongside ETH’s price. A revenue stream that weakens during a market downturn, he argued, would not offer the protection implied by a stable floor.

Buterin said Ethereum’s case should instead draw on what he described as CROPS: censorship and capture resistance, open-source development, privacy and security. He also pointed to the network’s stability as a potential source of value, particularly as artificial intelligence changes technology and institutions. The argument is his assessment of ETH’s prospects, not evidence that investors will adopt the proposed framing.