Ethereum Foundation, Vitalik Buterin sued over firing after ‘suicide pledge’ dispute

Ethereum creator Vitalik Buterin is advocating for the network to be positioned as a store of value, rather than focusing on its fee-burning features. This shift comes amid uncertainty in the crypto industry following the US midterm elections. Buterin argues that ETH's value lies in its decentralization and resistance to capture, censorship, open-source, privacy, and security, which he believes will be more valued in an "era of AI disruption."

Since the 2021 EIP-1559 upgrade, Ethereum had been in deflationary mode, with fee revenue dwindling as fees continued to drop. From January to October of this year, median transaction fees fell from 35 cents to 3.5 cents, while the number of daily transactions rose by over half. Some Bitcoiners were critical of Buterin's pivot, with Dan Held, founder of Held Media, deriding the idea as "ETH trying to pivot to Bitcoin's SoV narrative after all of its previous narratives collapsed."

However, Ethereum supporters acknowledge that Ethereum's monetary policy has remained stable since The Merge in 2022, with each change reducing issuance rather than increasing it.

Proponents of Ethereum's SoV narrative argue that it can be a better store of value than Bitcoin (BTC) and other cryptocurrencies like Zcash (ZEC). Solana co-founder Anatoly Yakovenko agreed with Buterin's assessment, but subtly criticized Ethereum's focus on fees as its product. Despite spending $176 million in campaign contributions, the influence of crypto super PACs on the midterm elections appeared minimal.

However, Democrats now control both the Senate and House of Representatives, with many legislators pro-crypto. This shift could lead to increased scrutiny of the crypto industry in Washington. Major political figures, including Elizabeth Warren, are tipped to chair significant committees, which may bring a more regulated environment for cryptocurrencies.