Ignas Challenges Vitalik’s ETH Store-of-Value Push Over L1 Fee Revenue

DeFi researcher Ignas responded to Vitalik’s proposal to prioritize Ethereum’s store-of-value (SoV) role, saying the shift should not come at the expense of Layer 1 fee revenue. According to Odaily, Ignas said ETH may be better suited as a store-of-value asset than BTC or ZEC, citing native staking yields, planned privacy features and the potential for transaction-fee burns to make ETH deflationary. He said using BTC or ZEC as collateral for loans typically requires wrapped assets or trust in banks and centralized exchanges, while ETH can be used for native collateralization and asset swaps on the same chain. Ignas said his support for emphasizing ETH’s SoV role does not stem from a belief that Ethereum’s L1 can never generate enough fee revenue to make ETH deflationary. Scaling can also lower transaction costs, he said, but demand must grow alongside it, and the Ethereum community must work to increase demand.