The Ethereum community has come up with a new initiative. The Ethereum Community Foundation has announced that it will tokenize the already burned ETH into a new token called BETH, serving as a proof of destruction. Simply put, this action of 'burning' has also become an asset that can be held and verified.

This move can be said to have pushed the composability of DeFi to its limits, further strengthening the meme of Ethereum as 'ultrasound money'. Ethereum co-founder Joseph Lubin has personally endorsed it, indicating its importance.

While Bitcoin is still entangled in the age-old debate of being a 'payment tool' or 'store of value', Ethereum has already begun to surge in the uncharted territory of financial innovation. This also indirectly explains why an increasing amount of large capital has chosen to rotate from BTC to ETH recently.