Vitalik Buterin wants ETH to be a store of value, not a fee-burning token

The Ethereum co-founder says the network should stop treating fee burns as the core of ETH's value story Vitalik Buterin has a new pitch for ETH, and it is less about burning and more about keeping. In a post on X on November 8, 2026, the Ethereum co-founder argued that the network should focus on establishing ETH as a store of value rather than leaning on its identity as a “fee-burning token.” For a community that spent years treating the burn as a core part of ETH’s appeal, that is a notable shift in emphasis. The burn itself is not going anywhere. Buterin endorsed keeping the EIP-1559 mechanism in place. What he wants to retire is the idea that the burn is what gives ETH its value. What Buterin actually said First, some quick background on the mechanics. EIP-1559, introduced in 2021, destroys a portion of the fees users pay to transact on Ethereum, which takes that ETH out of circulation permanently. Buterin’s central argument is that holders should not panic if long-term fee burns stay below 10% of the break-even level. That level, he suggested, is sustainable within Ethereum’s broader economic picture. In other words, the burn does not need to cancel out new issuance for ETH t...