The Block · 2026-11-08 15:54 UTC

THE BLOCK: Vitalik Buterin says ETH should be valued as a store of value, not a fee-burning token. He said the burn "was never a true floor" and that optimizing for fees would require heavy protocol spending and interventionist governance. Buterin said Ethereum should keep its fee burn, but holders "should not feel sad" if it stays below 10% of breakeven indefinitely. Ethereum has burned about 19,200 ETH so far this year, down from 1.48 million in 2022, per The Block’s data. The thread comes five weeks after the authors of a proposal to burn a rising share of staking rewards withdrew it following industry pushback.

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