In a post on the X platform, Vitalik Buterin stated that to support Ethereum's market capitalization of approximately $270 billion through transaction fee burning, Ethereum would be equivalent to a large corporation like L'Oréal, ranked around 55th in market capitalization. He estimated that L'Oréal's annual R&D expenditure accounts for about 0.58% of its market capitalization; if Ethereum were to invest at this rate, it would need to allocate approximately 700,000 ETH annually through its protocol, reducing validator revenue by about two-thirds. Vitalik stated that large corporations require continuous investment and governance, and for Ethereum to maintain its competitiveness in the long term, it would need highly interventionist governance, which is incompatible with decentralization and capture resistance.
He also pointed out that optimizing fee burning might lead to higher gas prices, making it unusable for some users. Pricing that maximizes the product of price and usage will result in less usage than pricing that maximizes usage within the resource constraints of a secure blockchain.