Whales Alarm

Today’s upgrade could be the start of eth’s next supply crunch.

And people still don’t realize how much this changes $ETH .

It combines Osaka + Fulu + PeerDAS, but the most important part is this:

Fusaka finally fixes Ethereum’s biggest problem.

Layer 2s were using Ethereum’s security while paying almost nothing back.

Base, Arbitrum, Optimism, zkSync all of them were collecting millions in fees from users, but when they posted their data to Ethereum, the blob fee would fall to almost zero.

That meant almost no ETH was burned from L2 activity, even though 85% of Ethereum transactions now happen on L2s.

This upgrade changes that completely.

What Fusaka Actually Does:

✦ 1. EIP-7918 forces Layer 2s to pay real fees to Ethereum.

Meaning:

Every L2 transaction now automatically contributes to ETH burn. Before this wasn't the case.

This is the biggest value shift since EIP-1559.

✦ 2. ETH Burn Goes From Mostly L1 Only to L1 + All L2 Activity

Right now, most ETH burn comes from mainnet transactions.

That’s why ETH became slightly inflationary in 2024–2025, L2s made mainnet cheap, so less ETH was burned, while staking kept issuing new ETH.

After Fusaka:

• Every L2 blob has a minimum cost

• That minimum cost is burned

• The more L2 adoption grows → the more ETH gets burned → the scarcer ETH becomes

Ethereum basically gains a new burn engine powered by the entire L2 ecosystem.

✦ 3. ETH Could Flip Back to Deflation for the First Time in Years

TODAY:

• ETH issues ~620,000 new ETH per year to stakers

• ETH burns ~350,000 per year

• Net: slightly inflationary

• POST-FUSAKA, EVEN CONSERVATIVE MODELS SHOW:

- L2 burn adds 200,000–400,000 ETH per year

- Combined burn could reach 600,000+ ETH

- ETH becomes flat or slightly deflationary

BULLISH MODELS SHOW:

- L2 adoption grows

- Blob demand rises

- Burn hits 900,000–1.2M ETH per year

- ETH supply shrinks by ~200k–300k ETH per year

This is the closest ETH has ever been to a digital stock buyback system.

✦ 4. PeerDAS Makes L2 Growth Even Faster (Which Increases Burn Even More)

PeerDAS reduces bandwidth by 85%, so L2s can publish more blobs cheaply.

More blobs = more fees paid
More fees paid = more ETH burned

Ethereum basically turned L2 growth into a flywheel for ETH scarcity.

✦ 5. Gas Limit Increase → More Activity → More Burn

The block gas limit jumps from 36M → 60M.

- More transactions fit in each block.
More transactions = more base fees collected.

- Base fees = burned automatically.

- So mainnet burn also increases along with L2 burn.

✦ 6. Lower L2 Fees = More Usage = More Burn

With Fusaka:

- Swaps cheaper

- Bridges cheaper

- On-chain gaming cheaper

- Social applications cheaper

Lower L2 fees → more transactions → more blob publishing → more ETH burned.

Ethereum is literally monetizing its own scaling.

✦ 7. This Upgrade Finally Aligns Ethereum With Rollups

Pre-Fusaka:
L2s grew → ETH burn dropped → ETH became inflationary

Post-Fusaka:
L2s grow → ETH burn increases → ETH becomes deflationary

This is why analysts call Fusaka the real value capture upgrade.

Ethereum is not just scaling. Ethereum is finally monetizing that scaling.
$ETH

主要流动性转移已经开始。
20年期日本国债收益率已达到2.891%，是本世纪的最高水平。
与此同时，10年期收益率已接近1.84%，这是日本银行多年避免的水平。
这些不仅仅是大数字。
他们解释了全球市场，包括加密货币，为什么会这样反应。
以下是实际情况：
➤ 日本的长期收益率正在突破。
近30年来，日本保持了人为压低的收益率。这使得数万亿日元流出境外，因为外国债券的收益更高。