Key Highlights
- Joseph Lubin argues that ETH could function as a store of value amid inflation and economic volatility.
- His thesis highlights Ethereum’s censorship resistance, low barriers to custody and transfers, and central role in decentralized finance.
- The outlook faces ongoing debate over fee burning, ETH supply dynamics, quantum resistance, market performance, and Ethereum’s technical roadmap.
Joseph Lubin’s Case for ETH as a Store of Value
Joseph Lubin, an Ethereum co-founder and executive, has outlined a case for ETH as a potential store of value during a period he expects to be marked by high inflation and severe economic and social volatility. He argues that the purchasing power of nation-state currencies and other assets could come under pressure as inflation and risk increase.
Why $ETH is the store of value for what’s coming
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Lubin detailed 12 operational attributes supporting his position. He emphasized that ETH benefits from Ethereum’s Layer 1 censorship resistance and that the network offers comparatively low barriers to secure custody and transfers at virtually any economic scale. Under Lubin’s view, an on-chain transaction can be valid whether it settles a single dollar or billions of dollars.
Ethereum’s Role in DeFi and Digital Settlement
Lubin’s thesis also places ETH at the center of decentralized finance, where the asset functions as productive collateral. On-chain metrics show that Ethereum supports the largest volume of issuance and settlement for fiat-pegged stablecoins, reinforcing its position as a major settlement network within digital finance.
Lubin further argued that Ethereum’s infrastructure could become a settlement backbone for corporate workflows and hybrid operating models that combine human workers with artificial intelligence systems. This view links ETH’s value not only to market demand, but also to the network’s use in financial applications, corporate processes, and automated systems.
Debate Over Fee Burning and ETH Supply
Lubin’s argument comes as Ethereum’s economic model faces renewed discussion. On November 8, Vitalik Buterin raised concerns on social media that placing too much emphasis on transaction fee burning under EIP-1559 could encourage corporate behavior that weakens decentralization. Buterin argued that network stability and resistance to external capture should take priority over maximizing fee revenue.
Lubin has described ETH as disinflationary under standard market conditions. That term refers to a declining rate of net issuance, not necessarily a constant reduction in the total circulating supply. Sustained demand for Ethereum’s base layer is required for the network to experience genuinely deflationary conditions, according to the industry explanation cited in the source.
Quantum Resistance and Ethereum’s Technical Roadmap
Lubin expects Ethereum to achieve quantum resistance between 2027 and 2028. Ethereum Foundation documentation states that the organization formalized a dedicated post-quantum research team in January 2026 and is targeting completion of core infrastructure around 2029. That timeline remains subject to technical development and ongoing peer review.
Ethereum’s roadmap is also evaluating Forward Inclusion Lists, or FOCIL, at the consensus layer. Core developers continue to associate the network’s post-quantum milestones with a broader technical program extending toward the end of the decade.
ETH Market Performance and Institutional Accumulation
Despite the utility-focused fundamentals cited by Ethereum developers and supporters, ETH’s market performance remains volatile. Trading data indicated that ETH was priced at approximately $2,118.49 on November 9, 2026, representing a 41% year-over-year decline.
Institutional accumulation has continued despite that decline. BitMine Immersion Technologies reported recurring ETH purchases beginning in June 2025 and said it had allocated more than 86% of its balance to network validators to generate staking yield. The activity illustrates the contrast between short-term market performance and longer-term strategies based on Ethereum’s network participation and staking economics.
Why This Matters
The debate over ETH’s store-of-value status depends on more than price appreciation. Lubin’s argument emphasizes Ethereum’s censorship resistance, settlement capacity, DeFi collateral utility, stablecoin activity, staking infrastructure, and planned security upgrades. At the same time, Buterin’s concerns highlight the need to preserve decentralization and network resilience as Ethereum’s economic model evolves.
The outcome will depend on how Ethereum balances fee economics, supply issuance, institutional participation, technical upgrades, and resistance to emerging threats such as quantum computing. The planned work on FOCIL and post-quantum infrastructure will be important milestones as developers continue refining the network’s long-term architecture.
Frequently Asked Questions
Why does Joseph Lubin believe ETH can be a store of value?
Lubin points to Ethereum’s Layer 1 censorship resistance, accessible custody and transfer infrastructure, role as productive collateral in decentralized finance, and use in stablecoin settlement and corporate workflows.
Is ETH currently deflationary?
ETH is described as disinflationary under standard market conditions, meaning its net issuance rate can decline. A sustained reduction in the circulating supply depends on extended periods of high demand for Ethereum’s base layer.
What are Ethereum’s upcoming technical priorities?
Ethereum is evaluating Forward Inclusion Lists at the consensus layer and pursuing post-quantum research. Lubin projected quantum resistance between 2027 and 2028, while Ethereum Foundation documentation targets core post-quantum infrastructure around 2029, subject to peer review.
