#数字资产市场动态 Ethereum Fusaka upgrade has gone viral! As planned, after the transformation is completed in December, the on-chain heat will be directly maximized—block space expansion, Gas fees plummeting, transaction volume skyrocketing, once again resembling the glorious moments of the past.

But here’s the problem: how long can this wave of enthusiasm last? Looking back at history, it’s clear that after previous upgrades, active users generally peaked high and then declined. This time, they also have to contend with the watchful eyes of Layer2 solutions like Base and Arbitrum, plus the fierce impact from public chains like Solana. A more realistic pain point is that the hot money in NFT and Meme coins has long since withdrawn, mainstream applications are still migrating outward, on-chain transaction fee revenue is being squeezed, ETH burn rate is decreasing, circulating supply is quietly increasing, and even TVL is shrinking.

Ultimately, behind this lively upgrade, it actually reflects Ethereum’s survival dilemma in the increasingly competitive era. Short-term data may look impressive, but it cannot hide the anxiety over long-term growth momentum. Do you think this upgrade can truly turn the tide, or is it just a “technical rebound”? Feel free to debate in the comments.