THE BLOCK · 2026-11-08 15:52 UTC

Vitalik Buterin says ETH should be valued as a store of value, not a fee-burning token

Vitalik Buterin said the case for valuing ETH as a fee-burning token "never was as strong as it seemed". He argued that maximizing fee burn would force Ethereum to operate like a major corporation and conflict with decentralization, censorship resistance, and privacy goals. Buterin said holders "should not feel sad" if the burn stays below 10% of breakeven indefinitely, and a recent proposal to burn a rising share of validator rewards was withdrawn last month after pushback.

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