Arca's Chief Investment Officer Jeff Dorman criticized Vitalik Buterin's store-of-value narrative for Ethereum, calling it "really misguided" in an interview with Unchained. Dorman argued that ETH's value proposition needs to shift toward capturing revenue from the applications built on its network rather than relying solely on a digital gold thesis. Dorman proposed that Ethereum should implement a taxation model on apps built on its infrastructure. He pointed to Hyperliquid as a successful alternative approach, noting that the protocol operates its own exchange and captures most of the stablecoin revenue generated on its chain. Dorman suggested Ethereum could either adopt a similar model or introduce fees on dApps to better monetize its ecosystem.