2026-01-22 16:00:12

#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 A more realistic pain point is that the hot money in NFT and Meme coins has long since withdrawn, mainstream applications are still migrating outward, on-chain transaction fee revenue is being squeezed, ETH burn rate is decreasing, circulating supply is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.

ETH0,49%

ARB1,33%

SOL0,23%

MEME1,85%

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AirdropHustler

· 01-25 01:18

Same old story, the data looked good for three months before starting to plunge It’s just a high start and a low decline; Solana has already attracted people away A short-term rebound, those who are optimistic have already shifted their focus What’s the use of cheap gas fees if applications are already running Honestly, we can’t endure the next quarter This time, a turnaround is unlikely; L2 has already diverted too much A technical rebound is not wrong to say, but it’s just a fleeting glow

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OnchainArchaeologist

· 01-22 16:30

Basically, it's a life-saving shot. After getting this shot, just wait for the next upgrade.

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AirdropHarvester

· 01-22 16:22

The pattern of opening high and closing low is old; history will repeat itself. Stop bragging; hot money has already moved to Solana. So what if Gas fees go down? Applications have already fled. Who are we really saving here? Fusaka's upgrade is like giving a patient a strong shot of adrenaline; they wake up for a while and then get sleepy again. Honestly, with such fierce competition, ETH is still competing on technology. It might be better to think about how to retain the ecosystem. Can this rebound last until the New Year? I bet no more than three months. People have already left; even if the land is cheap, it’s useless. Instead of upgrading, it’s better to think about how to attract new applications. Right now, it’s just an empty city strategy.

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SneakyFlashloan

· 01-22 16:10

Here we go again with the same routine, how quickly can the upgrade halo fade away --- The drop in gas fees is indeed satisfying, but since hot money has moved to Solana, what's there to talk about --- History will repeat itself, and this time it can't escape the curse of opening high and closing low --- It sounds more like technical survival rather than a turnaround --- The shrinking TVL is really uncomfortable, indicating that the fundamentals are still problematic --- It's just about saving face, if you can hold on for two months, that's considered a win --- Layer 2 little brothers are indeed nibbling away, can ETH turn the tide this time --- The biggest signal is the squeeze on fee income, not optimistic --- The hype around upgrades is like this, it comes quickly and goes just as fast, deep套路 --- I'll just see if anyone will buy the dip for this short-term rebound

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MemeKingNFT

· 01-22 16:10

I've said it before, upgrades are upgrades, but as soon as hot money pulls out, it's over. This wave is no different from the last Merge—an old script of opening high and closing low.

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