Vitalik Buterin argues ETH as store of value makes more sense than ETH as fee-burning token

Buterin argues the fee-burn "floor" was never real because burned fees came mostly from crypto-internal activity that would shrink with ETH's price. Optimizing for fees, he says, would require corporate-scale spending (~700k ETH/year, cutting validator revenue by two-thirds) and interventionist governance, plus higher gas prices. He frames ETH's value as deriving from decentralization and CROPS, with stability as the key SoV metric, and says fee burn staying under 10% of breakeven indefinitely is acceptable.

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