Vitalik Buterin: ETH Should Focus on Store of Value, Not Rely on Fee Burns Ethereum co-founder Vitalik Buterin stated that ETH should focus on being a store of value (SoV), rather than positioning itself as a "fee-burned token." He indicated that EIP-1559 and its burning mechanism should be retained, but there's no need to worry even if the burned amount remains below 10% of the break-even point for an extended period. Vitalik pointed out that the burning from 2021 to 2023 primarily stemmed from use cases within the crypto community and never represented a true valuation bottom. To support a market capitalization of approximately $270 billion through burning, Ethereum would need about 700,000 ETH annually for in-protocol R&D and interventionist governance, which conflicts with its goals of decentralization and censorship resistance.