Vitalik Buterin Backs ETH as Store of Value Over Fee Burning

Ethereum co-founder Vitalik Buterin has called for shifting Ether's primary value proposition toward a store of value rather than relying on transaction-fee burns under EIP-1559. Buterin cautioned against using discounted cash-flow or revenue-capture models to justify Ethereum's roughly $270 billion market capitalization, which he calculated would demand burning about 700,000 ETH annually and risk protocol centralization. The comments follow recent on-chain trends showing fee burns offsetting only about 2.07% of new issuance, resulting in net supply growth as layer-2 adoption expanded post-Dencun.