Vitalik Buterin urged the Ethereum community to abandon the idea that ETH should be valued by the amount of fees burned. He argued that Ethereum, with an estimated market capitalization of $270 billion, is more viable as a store of value amid global macroeconomic uncertainty. His statement followed the halt of the Glamsterdam hard fork after its testnet revealed a dangerous bug in the fee-recalculation mechanism and in smart-contract logic. The hard fork was intended to expand base-layer capacity through EIP-8037 and EIP-7928, potentially raising gas limits to 200 million units and gradually reducing ETH burning. Buterin said historical EIP-1559 burning peaks depended on speculative activity and weakened during bear markets, while Solana co-founder Anatoly Yakovenko rejected fees as the primary product of a blockchain network.
Source: Read the original article
