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折腾了11年，V神终于发现：Crypto的尽头，还是价值存储？比特币从头到尾就讲一个故事：数字黄金，价值存储。而以太坊这11年，从世界计算机、DeFi、NFT、L2、结算层，恨不得把整个金融系统都搬上链。结果今天，V神突然把话挑明了：ETH不应该再把手续费燃烧当成核心价值叙事。哪怕未来销毁的ETH长期不足以抵消增发量的10%，也没必要难过。ETH应该把重点放在价值存储上。为什么？因为V神发现了：牛市大家疯狂炒币，手续费暴涨，ETH燃烧得越多，看起来越值钱。可熊市一来，交易需求和燃烧量一起消失。靠这种收入给ETH估值，等于指望市场永远疯狂。如果为了让ETH更值钱而刻意追求高Gas，最后可能把用户赶走。现在V神想换一条路：以太坊继续负责结算、资产发行和链上金融，ETH则靠安全性、去中心化、抗审查和长期稳定性，争取成为大家愿意长期持有的资产。但这里有个绕不过去的问题：比特币已经占据了数字黄金的心智，ETH凭什么再拿一份价值存储溢价？以太坊上有几万亿美元的资产，和ETH本身值几万亿美元，是完全不同的两回事。稳定币、RWA、链上金融越繁荣，未必代表ETH持有人能分到越多价值。说到底，V神这次其实把ETH最难回答的问题重新摆上了桌面：以太坊可以很成功，但ETH凭什么一定要很贵？11年过去了，比特币依然在讲最初的故事，以太坊却开始重新寻找长期持有的理由。这种反差，比任何技术路线图都有意思。
引用自 X
原帖地址：https://x.com/i/status/2119413946222546992
原帖：
扩展我之所以认为“ETH作为价值存储（SoV）”比“ETH作为费用燃烧代币”更合理的原因有以下三点：1. ETH作为费用燃烧代币从未像它看起来那样强大。
2. 优化为ETH作为费用燃烧代币将要求Ethereum和ETH在与去中心化和抵抗攻击兼容方面非常难以实现。
3.与此同时，优化以太坊（SoV）为目标，与以太坊专注于其独特优势（去中心化和CROPS）是一致的。EIP-1559（包括其销毁）是好的，我们应该保留它们。但是，如果费用销毁率低于以平衡点计算的10%，我们不应该感到悲伤；ETH的价值来自其他地方。核心思想：人们在以太坊上欣赏的最重要的事情是去中心化和CROPS。这些事情转化为主要的实用益处是稳定性。所以SOV属于那个范畴，那里的额外价值并不是我们出于意识形态原因而特意加入的，而是从人们投入资产的角度来看，是一种实用的力量。在人工智能的颠覆时代，稳定性将备受重视。
2. 优化为ETH作为费用燃烧代币将要求Ethereum和ETH在与去中心化和抵抗攻击兼容方面非常难以实现。
3.与此同时，优化以太坊（SoV）为目标，与以太坊专注于其独特优势（去中心化和CROPS）是一致的。EIP-1559（包括其销毁）是好的，我们应该保留它们。但是，如果费用销毁率低于以平衡点计算的10%，我们不应该感到悲伤；ETH的价值来自其他地方。核心思想：人们在以太坊上欣赏的最重要的事情是去中心化和CROPS。这些事情转化为主要的实用益处是稳定性。所以SOV属于那个范畴，那里的额外价值并不是我们出于意识形态原因而特意加入的，而是从人们投入资产的角度来看，是一种实用的力量。在人工智能的颠覆时代，稳定性将备受重视。
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Expanding on why I believe "ETH as store of value (SoV)" makes much more sense to focus on than "ETH as fee-burning token".Three primary reasons:1. ETH as fee-burning token never was as strong as it seemed
2. Optimizing for ETH as fee-burning token would demand Ethereum and ETH function in ways that are very hard to make compatible with decentralization and capture resistance.
3. Meanwhile, optimizing for ETH as SoV is aligned with Ethereum focusing on its unique strengths (decentralization and CROPS)EIP-1559 (including its burn) is fine and good, we should keep them. But we should not feel sad if fee burn is < 10% of breakeven indefinitely; the value of ETH comes from elsewhere.The core idea: the big thing that people appreciate about Ethereum is decentralization and CROPS. The main pragmatic benefit that these things translate into is stability. SoV is the category where that is not an unneeded extra we merely put effort into for ideological reasons, but rather a pragmatic strength from the perspective of people putting in their assets. And in the era of AI disruption, stability will be highly valued.
2. Optimizing for ETH as fee-burning token would demand Ethereum and ETH function in ways that are very hard to make compatible with decentralization and capture resistance.
3. Meanwhile, optimizing for ETH as SoV is aligned with Ethereum focusing on its unique strengths (decentralization and CROPS)EIP-1559 (including its burn) is fine and good, we should keep them. But we should not feel sad if fee burn is < 10% of breakeven indefinitely; the value of ETH comes from elsewhere.The core idea: the big thing that people appreciate about Ethereum is decentralization and CROPS. The main pragmatic benefit that these things translate into is stability. SoV is the category where that is not an unneeded extra we merely put effort into for ideological reasons, but rather a pragmatic strength from the perspective of people putting in their assets. And in the era of AI disruption, stability will be highly valued.
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