Vitalik: The NPV valuation model of Ethereum as a fee-burning token once had limitations, and its underlying support relies more on external assets. Vitalik posted on social media to discuss the economic theory and net present value (NPV) model of Ethereum as a fee-burning token. He pointed out that although Ethereum burned a large number of tokens between 2021 and 2023, that model was not a true "floor" for token value, because the burns at that time largely stemmed from crypto-internal use cases, and their profits would shrink significantly with sharp fluctuations in token prices. In contrast, Ethereum currently has a better foundation for external support due to the growing real-world asset (RWA) economy.