Vitalik Buterin called for a shift in ETH's positioning from a value capture driven by transaction fee burning (application chain) to a store of value (SoV). This also implies that, in Vitalik's view, the Web3 narrative of the past few years has failed. The Web3 narrative includes applications such as DAOs, NFTs, GameFi, SocialFi, DID, metaverse, X-to-Earn, and CreatorFi, many of which are priced in ETH and burn large amounts of ETH under high gas conditions, causing ETH to enter a deflationary state. In fact, ETH has been in a net issuance state for the past two years: the ratio of burning to new issuance was 9.50% in 2025, 2.38% so far in 2026, and approximately 3.2% in the last 30 days. Compared to other smart contract public chains, ETH does have significant advantages in security, decentralization, and censorship resistance: this is why it has always been a public chain that hackers worldwide rely on for survival. However, once positioned as a "store of value," ETH would directly compete with BTC. So why buy ETH instead of BTC? Currently, silver accounts for 10.34% of the gold market capitalization, while the ETH/BTC market capitalization ratio is 16.49%. Considering Ethereum's unique value compared to Bitcoin in smart contracts, it's reasonable that their market capitalization ratio has fluctuated between 10-20% for a long time.