Vitalik Buterin argues that Ethereum should prioritize ETH’s role as a store of value rather than seek to maximize fee burning. He wants to retain EIP-1559, even if burned fees consistently offset less than 10% of new issuance, and believes that higher revenue could lead to greater governance intervention and make the network more expensive to use. In his view, security, privacy, censorship resistance and protocol stability offer stronger long-term value than fee spikes or a price floor guaranteed by ETH burning. He also sees assets issued directly on Ethereum as a way to expand ETH’s utility, particularly as collateral for borrowing.
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