ARK Invest Crypto Lead Questions ETH's Value Narrative Pivot: Five Major Questions Remain, From L1 Positioning to the Quantum-Resistance Roadmap

November 14: Lorenzo Valente, Head of Digital Asset Research at ARK Invest, said in a post that Vitalik Buterin's recent view of positioning ETH as a store-of-value (SoV) asset may be the biggest shift in ETH's value narrative since "Ultrasound Money," but the market has not yet discussed it enough, and he raised five questions around this shift:

1. Will Ethereum permanently abandon the deflationary path and solve its long-term network security budget through continuous issuance? Whether store-of-value investors can accept long-term inflation remains to be seen.

2. A store-of-value asset requires credible monetary commitments, whereas ETH currently has no fixed supply cap and its issuance curve remains open to discussion; establishing an SoV positioning may require clarifying monetary policy and a minimum issuance level.

3. There is a certain contradiction between issuing native RWAs on the Ethereum mainnet and a more conservative L1 development path. Issuers typically choose the network with the advantages in users, liquidity and performance; if mainnet development stalls, why wouldn't RWA choose L2?

4. A store-of-value property is essentially a social consensus that takes a long time to build; Ethereum must put forward quantifiable metrics to prove it can compete with Bitcoin.

5. If long-term network survivability is the primary criterion for a store of value, then quantum-resistance migration should not be merely an ordinary item on the roadmap, but should become a priority task with a clear timetable.