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Vitalik Buterin argued this week that ETH should be valued as a store of value rather than a fee-burning token, tying the asset’s worth to Ethereum’s decentralization and its CROPS principles.

Jeff Dorman, Chief Investment Officer and co-founder of Arca, tells Laura Shin the pivot is “really misguided.” By his math, Ethereum’s roughly $6 million in monthly revenue and the ETH sitting in wallets for gas account for about $50 billion of tangible value, leaving roughly $200 billion of what he calls “hopium.”

Dorman lays out why value has flowed to applications like Hyperliquid and Pump.fun rather than to layer 1s, why he thinks Bitcoin’s store-of-value run can’t be copied, and why Ethereum would have to build its own stablecoin and DEX or start taxing the apps built on it. His challenge to ETH bulls: put a number on how big the network has to get before the token captures any of that value.

 

Host:

    • Laura Shin – Founder, CEO and Host of Unchained

Guest:

    • Jeff Dorman – Chief Investment Officer and Co-founder of Arca