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Vitalik Buterin, co-founder of Ethereum, discussed his view that it is more logical to focus on ETH as a store of value rather than as a fee-burning token. He outlined three main reasons, including that ETH's position as a fee-burning token is not as strong as it initially appeared and that further optimizing for this model would make additional demands on Ethereum.
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Buterin has previously emphasized security as a primary concern for Ethereum protocols, stating that the challenge for zkEVMs has shifted from speed to security, urging formal verification. He has also compared industry cost structures, observing that Bitcoin mining expenses are split evenly between compute capital expenditures and electricity needs. These comments add context to his latest position on ETH’s evolving role.