Vitalik Buterin argued on X that Ethereum holders should value ETH for its stability rather than for the fees the network burns. He tied that stability to decentralization, censorship resistance and security, and said the fee burn was never a reliable floor for ETH’s value. The newsletter reports that, in the first nine months of 2026, burning offset about 2% of new issuance while ETH supply grew 0.64%. Buterin warned that trying to maximize fees would favor congestion and costly transactions at the expense of what makes Ethereum useful.
