u.today
Ethereum cofounder Vitalik Buterin just revealed that almost 90% of his net worth is invested in ETH, reinforcing his strong belief in the strength of the second-biggest asset on the market. The reason behind this disclosure was a wider conversation regarding Ethereum's function as a store of value (SoV) and its significance on the DeFi network.
About the platform's positioning, specifically ETH's function as a significant store of value, there has been continuous discussion within the Ethereum community. As a result of regulatory concerns or other risks, some users have criticized the Ethereum Foundation and its core developers for not publicly endorsing ETH as a crucial asset in DeFi.
ETH's importance as a store of value is demonstrated by the fact that it is firmly ingrained in the DeFi ecosystem and has billions of dollars worth of Total Value Locked (TVL) in it. Though Buterin and other core developers believe Ethereum will be valuable in the long run, their stance is reinforced by his admission that he has most of his wealth in ETH.
It is unlikely that Buterin invests in ETH apart from receiving a salary from the foundation and holding onto his initial stack. Buterin addressed concerns regarding the Ethereum Foundation's market behavior in a separate conversation, addressing claims that the foundation has been nuking the market by selling substantial amounts of ETH.
Buterin defended the foundation's actions, highlighting the advantages it has provided to the Ethereum network, such as the notable decrease in transaction fees brought about by EIP-4844. Users have avoided paying over $100 million in transaction fees thanks to this update alone.