# Fusaka Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Fusaka", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Wall Street Shorts ETH: Vitalik Knew and Front-Ran, Tom Lee Still Deluded

Culper Research, a Wall Street short-selling firm, has announced a short position on ETH and related securities, including Bitmine (BMNR). The firm argues that Ethereum's token economic model was broken following the Fusaka upgrade in December 2025. They claim that Vitalik Buterin and developers miscalculated Layer 1 demand elasticity using outdated models, leading to a 90% drop in gas fees instead of the predicted 10-30%. This has allegedly enabled a surge in low-value on-chain activity, such as address poisoning and dusting attacks, which now account for 22.5% of all Ethereum transactions. Culper asserts that Vitalik is aware of these issues and is selling his ETH, while prominent bull Tom Lee continues to incorrectly attribute the network's growth to genuine adoption. The report also highlights a decline in validator earnings, a loss of developer talent to Solana, and shrinking market share.

marsbit03/07 12:47

Wall Street Shorts ETH: Vitalik Knew and Front-Ran, Tom Lee Still Deluded

marsbit03/07 12:47

Data Inflation, Is ETH's Fundamental Still There?

The report by Culper Research argues that Ethereum's fundamentals have been severely damaged following the December 2025 Fusaka upgrade. The upgrade increased the gas limit, causing a 90% drop in gas fees—far more than the 10-30% predicted—and led to a surplus of cheap block space. This has enabled a surge in "address poisoning" or "dusting" attacks, which now account for 95% of new wallet creation and over 22.5% of all ETH transactions. The authors claim these attacks artificially inflate on-chain activity metrics, such as active addresses and transaction volume, which are mistakenly cited by bulls like Tom Lee as evidence of organic growth. Additionally, the report states that lower transaction fees have reduced validator earnings, weakening staking incentives and undermining Ethereum’s token economics. It highlights that Vitalik Buterin has been selling significant amounts of ETH, suggesting insider awareness of these issues. The authors also note competitive threats from Solana, which is gaining developer momentum and institutional adoption. Culper Research concludes that Ethereum’s economic model is broken and maintains a bearish outlook on ETH.

比推03/06 14:28

Data Inflation, Is ETH's Fundamental Still There?

比推03/06 14:28

Wall Street Shorts ETH: Vitalik Knows and Is Front-Running, Tom Lee Remains Deluded

Wall Street short-selling firm Culper Research has disclosed a significant short position against ETH and related securities, including Bitmine (BMNR). The firm argues that Ethereum’s token economic model was broken following the Fusaka upgrade in December 2025. According to the report, Vitalik Buterin is aware of the issue and has been selling ETH, while prominent bull Tom Lee continues to invest despite what the report describes as clear signs of decline. Culper claims that the surge in on-chain activity post-Fusaka—cited by Lee as evidence of adoption—is largely driven by address poisoning and dust attacks, not genuine usage. Their analysis indicates that 95% of new wallet growth comes from dust addresses, poisoning attacks have tripled, and such transactions now account for 22.5% of all Ethereum activity. The upgrade increased the gas limit from 45M to 60M, aiming to expand capacity, but gas fees fell by ~90% instead of the projected 10–30%. Culper attributes this to a miscalculation in Layer-1 demand elasticity by Vitalik and developers, using outdated models. The report also notes declining validator earnings and a shift of developers and institutional activity to Solana, which it says is outperforming Ethereum in key metrics. The firm draws a parallel to past tech giants like Netscape and Nokia, suggesting Ethereum may face a similar decline absent structural changes.

marsbit03/06 04:45

Wall Street Shorts ETH: Vitalik Knows and Is Front-Running, Tom Lee Remains Deluded

marsbit03/06 04:45

Wall Street Shorts ETH: Vitalik Knew and Front-Ran, Tom Lee Still Deluded

Wall Street short-selling firm Culper Research has initiated a short position on ETH and related securities, including Bitmine (BMNR). The firm argues that Ethereum’s token economic model was fundamentally broken following the Fusaka upgrade in December 2025, which increased the gas limit from 45M to 60M. Contrary to initial expectations of a 10–30% drop, gas fees fell by approximately 90%, leading to a surge in low-value on-chain activity such as address poisoning and dust attacks. These activities now account for a significant portion of transaction growth and new wallet creation, distorting metrics often cited as signs of organic adoption. Culper alleges that Vitalik Buterin and core developers severely miscalculated Layer 1 demand elasticity using outdated models, overestimating real demand by 3–9 times. The report claims Vitalik is aware of these issues and has been selling ETH, exceeding previously announced sales targets. Meanwhile, Tom Lee of Bitmine continues to defend ETH based on misleading on-chain activity growth. Additionally, validators are earning 40–50% less in tips per unit of gas, reducing staking yields and potentially weakening institutional interest. Ethereum is also losing developer and market share to Solana, which has attracted major institutional DeFi adoption. Culper concludes that Ethereum’s tokenomics are irreparably damaged and expects further price declines.

Odaily星球日报03/06 04:44

Wall Street Shorts ETH: Vitalik Knew and Front-Ran, Tom Lee Still Deluded

Odaily星球日报03/06 04:44

Ethereum Sets Three Core Priorities for 2026 Protocol Development

Ethereum has outlined its three core priorities for 2026 protocol development: scaling throughput, improving usability, and strengthening core security and resilience. This follows a productive 2025, which saw the Pectra and Fusaka upgrades. Pectra enabled smart contract-like features for regular wallets, while Fusaka introduced PeerDAS to increase data capacity. The major 2026 upgrades, Glamsterdam and Hegota, aim to process transactions in parallel, raise gas limits, expand data capacity for Layer-2s, and prepare for future security challenges like post-quantum threats. Meanwhile, ETH's price is down 2.6% in 24 hours, trading at $1,969.68.

TheNewsCrypto02/19 10:14

Ethereum Sets Three Core Priorities for 2026 Protocol Development

TheNewsCrypto02/19 10:14

Can Ethereum Price Exceed $12,000? JPMorgan Worries Bulls Over Claims Fusaka Boost Won’t Last

Ethereum's recent price rally faces scrutiny as JPMorgan warns that the network activity surge following December's Fusaka upgrade may not be sustainable, casting doubt on bullish predictions of ETH reaching five-figure prices. While the upgrade reduced transaction fees to record lows and drove active addresses and transactions to all-time highs, JPMorgan analysts note that historical Ethereum upgrades have failed to sustain network activity long-term. Contrasting views exist: Bitmine's Tom Lee maintains a bullish outlook, projecting ETH could reach $7,000-$9,000 by end of January, and up to $12,000-$22,000 if Bitcoin hits $250,000. Meanwhile, VanEck's 2030 valuation framework includes a base case of $22,000, a bull case of $154,000, and an extreme scenario of $360,000, though it previously suggested a bear case as low as $300. Technically, Ethereum faces resistance at $3,438, with momentum indicators weakening and price slipping below the 20-day EMA. A break below $3,100 support could push ETH under $3,000, though a bullish scenario could see a rally toward $3,942 and potentially $4,300.

ccn.com01/24 10:12

Can Ethereum Price Exceed $12,000? JPMorgan Worries Bulls Over Claims Fusaka Boost Won’t Last

ccn.com01/24 10:12

Ethereum's 'Barrier Lake' Moment: Fundamentals Up, ETH Down

Ethereum is experiencing a paradoxical "dammed lake" moment in 2026, with strong fundamental growth contrasting with stagnant ETH prices. Key metrics like staking scale, TVL, and stablecoin dominance have hit record highs, yet the token's value remains disconnected. The staking ecosystem has reached $120 billion, with 36 million ETH staked. However, centralization risks persist, as the top 5 providers control 48% of staked ETH. Vitalik Buterin has proposed a native DVT (Distributed Validator Technology) solution to enhance decentralization, security, and resilience against single points of failure. Ethereum's TVL surpassed $300 billion, reflecting a mature and diversified ecosystem. It maintains a 58% dominance in stablecoin market share, reinforcing its role as a global settlement layer. Regulatory developments like the "Genius Act" are expected to further boost institutional stablecoin adoption. Despite record-high transaction volumes (2.49 million daily average), low gas fees (0.03 Gwei) have enabled widespread "address poisoning" attacks, inflating on-chain activity without genuine demand. Additionally, L2 growth has come at the cost of mainnet revenue, with L2s paying only $10 million to Ethereum despite earning $129 million in 2025. A significant valuation disconnect exists: Ethereum hosts 59% of crypto's TVL but only 14% of its total market cap. This suggests ETH is deeply undervalued, as the network evolves into a "digital oil field" underpinning real-world asset (RWA) settlement and DeFi. The challenge lies in balancing decentralization, technical upgrades, and value capture while awaiting a potential market reassessment.

marsbit01/22 10:02

Ethereum's 'Barrier Lake' Moment: Fundamentals Up, ETH Down

marsbit01/22 10:02

How Ethereum quietly crushed its $50 gas problem in 2026

Ethereum has successfully resolved its long-standing high gas fee problem, with costs plummeting to $50 during peak periods in 2021 and 2024 to just $0.01 as of January 2026. This dramatic reduction is attributed to major technical upgrades, including the Fusaka upgrade, PeerDAS implementation, and widespread Layer 2 adoption, which have eliminated network congestion. The change has altered Ethereum's competitive dynamic with Solana, shifting the comparison from cost to architectural differences—Ethereum emphasizes security and decentralization, while Solana focuses on speed. Despite lower fees reducing ETH's burn rate and causing slight inflation, the network set a record by processing 2.6 million transactions in a single day smoothly. Market response has been positive, with ETH trading at $3,319.87 and outperforming SOL, which declined. Ethereum co-founder Vitalik Buterin confirmed that the original Web3 vision is now operational, marking a new era of scalability and efficiency for the network.

ambcrypto01/19 03:02

How Ethereum quietly crushed its $50 gas problem in 2026

ambcrypto01/19 03:02

Ethereum New Addresses Hit Record Levels: What’s Driving The Growth?

On-chain data reveals that Ethereum's Network Growth, which tracks the number of new addresses conducting their first transaction, has surged to a record high. An average of 327,100 new addresses were created daily over the past week, with a single-day peak of 393,600 on Sunday. This spike in adoption has also pushed the total number of non-empty addresses to an all-time high of 172.97 million. Key drivers include the Fusaka upgrade in December, which improved data handling and reduced layer-2 fees, record stablecoin transaction volume of $8 trillion in Q4 2025, and improved trader sentiment at the start of the year. Concurrently, Ethereum's price rose over 5% to around $3,340.

bitcoinist01/15 14:02

Ethereum New Addresses Hit Record Levels: What’s Driving The Growth?

bitcoinist01/15 14:02

2025, Ethereum: Life Through Death

By 2025, Ethereum faced an identity crisis, caught between Bitcoin's "digital gold" narrative and high-performance competitors like Solana. Regulatory clarity emerged with the U.S. CLARITY Act classifying ETH as a commodity, while the SEC’s "Project Crypto" acknowledged its decentralized nature, allowing staking rewards without securities classification. The 2024 Dencun upgrade, intended to reduce L2 costs via EIP-4844, backfired—L2s thrived but paid minimal fees to L1, crashing Ethereum’s revenue and raising sustainability concerns. The December 2025 Fusaka upgrade addressed this with EIP-7918, tying Blob fees to L1 execution costs, ensuring L2s contribute fairly to L1 revenue. PeerDAS (EIP-7594) expanded data capacity, enabling scalable, low-cost transactions. Ethereum’s new "B2B tax model" reframed its value: L2s handle high-volume, low-value transactions, while L1 provides security and settlement, capturing fees through ETH burns and staking rewards. Analysts projected an 8x increase in ETH burn rates by 2026. Valuation models now combine DCF (discounted cash flow) for protocol revenue and "trustware" pricing for its role in securing high-value assets like RWA (real-world assets), where Ethereum dominates due to its security and decentralization. Despite Solana’s edge in consumer apps, Ethereum solidified its position as the foundation for institutional-grade DeFi and RWA, transitioning into a foundational economic layer for the digital economy.

marsbit12/24 01:27

2025, Ethereum: Life Through Death

marsbit12/24 01:27

活动图片

Ethereumright-arrow

Market Analysisright-arrow