fusaka

Etherscan posted on social media that there were approximately 17 million poisoning attempts on Ethereum from 2022 to 2024, affecting 1.3 million users, with confirmed losses of at least $79.3 million. After the Fusaka upgrade (December 3, 2025), transaction costs will decrease significantly, and dust transfers will explode, increasing by 612%.Etherscan recommends that users take the following measures:Always manually verify the complete target address before transferring (most important)Add private name tags for frequently used addresses + use ENS domain namesEnable the Etherscan Address Highlight feature · Pay attention to pop-up reminders when copying addresses.

The short-selling firm Culper Research announced a short position on Ethereum and ETH-related securities, including BMNR. The firm believes that the economic model of the ETH token has been damaged after the Fusaka upgrade, which raised the Gas limit to 45 million to 60 million. While a decrease in Gas fees of 10% to 30% was expected, the actual decrease was about 90%. Vitalik and validators' calculations of L1 demand elasticity are based on outdated models, with errors reaching 3-9 times.Culper refuted Tom Lee's bullish viewpoint. Lee cited the growth of active addresses and transaction volume as evidence of strengthened ETH fundamentals and institutional adoption, but Culper's analysis shows that on-chain data from January 2025 to February 2026 indicates that these activities are actually caused by address poisoning and dust attack-induced low-value trading waves.After the Fusaka upgrade, 95% of new wallets were created for dust attack wallets, and the number of poisoning attacks has increased more than threefold, accounting for over 50% of ETH transaction growth, currently representing 22.5% of all ETH transactions. Culper claims that Vitalik is well aware of this and is selling off, expecting ETH to decline further.

According to Cointelegraph, Coin Metrics pointed out that since Ethereum completed the Fusaka upgrade in December 2025, network fees have significantly decreased, making on-chain operations more convenient. Currently, Ethereum's daily transaction volume has exceeded 2 million, and the number of active addresses has increased by 60% compared to previous averages.Coin Metrics noted that the low Gas fees have led to a surge in "dusting attacks": such stablecoin (USDC and USDT) "dust transactions" currently account for about 11% of Ethereum's total transaction volume and 26% of daily active addresses. Before the upgrade, "dust transactions" only accounted for 3%-5% of the transaction volume, and this proportion has increased by 2-3 times after the upgrade. "Dusting attacks" refer to hackers sending small amounts of tokens to random addresses to track wallets or cause network chaos.

According to a report from CoinDesk, JPMorgan stated in a report sent to clients on Wednesday that the Fusaka upgrade of Ethereum, completed in 2025, has significantly increased network activity in the short term.The upgrade effectively reduced transaction fees by increasing the data capacity of each block, leading to a rise in the number of transactions and active addresses. However, the bank expressed skepticism about the sustainability of this surge in activity. The report noted that historical experience shows that previous upgrades of Ethereum have failed to achieve sustained growth in network activity. Currently, Ethereum faces structural pressure from Layer 2 networks such as Base and Arbitrum, as well as competing public chains like Solana.At the same time, the speculative frenzy related to NFTs and meme coins has subsided, coupled with the migration of major applications like Uniswap to dedicated chains, resulting in capital diversion. These factors have collectively led to a decrease in fee burning on the Ethereum mainnet, an increase in ETH supply, and a decline in the total value locked (TVL) measured in ETH. Although the Fusaka upgrade provided a short-term boost, these ongoing challenges cast a shadow over its long-term growth prospects.

Despite the ETH price still being in a sideways consolidation phase, the number of new Ethereum wallets created reached an all-time high last week, with a strong rebound in network adoption. An average of 327,000 new Ethereum wallets were created daily over the past week, peaking at a record-breaking over 393,000 new wallets on Sunday, marking the highest single-day record ever. The total number of non-empty Ethereum wallets (addresses holding at least some ETH) reached a historic high of 172.9 million.The Fusaka upgrade, set to launch in early December 2025, optimizes on-chain data processing, significantly reducing the cost of submitting data from Layer 2 networks to the mainnet, making it cheaper and easier to use Ethereum, especially for interacting with rollups and dApps. At the same time, Ethereum stablecoin activity surged, with total stablecoin transfers in Q4 2025 reaching a record over $8 trillion, indicating that Ethereum is being used for payments and settlements rather than pure speculation. Santiment noted, "This real financial activity often attracts new participants to create wallets for sending, receiving, or holding stablecoins and other tokens."

According to official news, Arbitrum has announced the activation of the ArbOS Dia upgrade. The officials stated that this is a significant update to its tech stack, introducing support for the Fusaka EIP and enhancing the overall user experience.

Ethereum developers have completed the second and final "Blob Parameters Only (BPO)" fork planned during the Fusaka upgrade cycle. This update increases the target number of blobs in a block from 10 to 14, and the upper limit from 15 to 21, aiming to further enhance the network's data availability capabilities.Officials stated that the BPO mechanism allows Ethereum to independently adjust key parameters such as blobs in a phased manner without waiting for large annual upgrades, thereby testing and releasing the network's capacity in a more controlled way. Blobs were initially introduced in the 2024 Dencun upgrade to provide low-cost data storage for Layer 2 Rollups, with this data being automatically cleared from the mainnet after approximately 18 days.This adjustment is seen as a concluding step for the Fusaka upgrade. Developers noted that as the upper limit of blobs per block gradually increases, Ethereum can provide more data space for Layer 2 networks, helping to maintain stable transaction costs for Rollups amid growing on-chain activity.

According to Beincrypto, since the Fusaka upgrade on December 3, 2025, Ethereum network activity has rapidly increased. Data shows that the number of new addresses has grown by approximately 110%, with about 292,000 new addresses created daily. Analysis indicates that this highlights an accelerated growth in user adoption, reflecting the combined effects of seasonal factors and structural upgrades.Additionally, the HODL Waves metric shows an increase in the number of medium-term holders who have held Ethereum for three to six months. Most of these investors entered the market between July and October 2025, with those who entered in early July currently in profit, while those who entered after mid-July are still at a loss. A price increase could trigger sell-offs from these holders.

Liquid Capital posted on platform X: "After the Ethereum Fusaka upgrade, the blob base fee surged by 15 million times, primarily due to the introduction of the 'minimum blob fee' mechanism in EIP-7918 ------ Previously, there was no minimum limit on blob fees, which were stuck at 1 wei (almost free) for a long time, causing nodes to bear costs like KZG verification without reasonable returns; after the upgrade, the blob fee must be ≥ 1/15.258 of the L1 execution base fee, directly anchoring to the real network costs. This design allows the price to reflect actual resource consumption (avoiding free occupation of network resources by L2), and also regulates blob traffic through price fluctuations to prevent congestion, while the PeerDAS technology enhances blob storage capacity; in addition, blob fees are included in the ETH burning mechanism, which is estimated to potentially burn 8 times more ETH in the future, with a contribution of 30-50% to the total burn amount expected by 2026 (depending on the growth of L2 transaction volume)."

According to Cryptoquant data, Binance's Ethereum Taker buy-sell ratio indicates a clear shift in market sentiment. This metric surged to 0.998 immediately after the Fusaka network upgrade on December 3, reaching its highest level since early August, showing that buyers are actively entering the market.The ratio rebounded strongly from a low of 0.945, suggesting that futures traders view the Fusaka upgrade as a bullish catalyst and are actively building long positions. Although the ETH price still hovers around $3130, the speed of the rise in the buy-sell ratio has outpaced the price itself, forming a leading indicator.Analysts point out that if the ratio breaks above the 1.0 level, it will confirm the end of the November correction and may drive prices toward targets of $3500 and $4000. The positive market response brought about by the Fusaka upgrade reflects increased investor confidence in the improvements to the Ethereum network.

Vitalik Buterin posted to celebrate the successful upgrade of Ethereum Fusaka, stating that the PeerDAS implementation in the Fusaka upgrade has achieved sharding and data availability sampling: this has been Ethereum's long-standing dream.While a secondary increase in transaction scale has been achieved on Layer 2 by increasing blob capacity—according to recent analysis, L2 fees may decrease by 40-60%—Layer 1 remains constrained until zero-knowledge EVM matures, while also requiring distributed block construction and sharded memory pools. This marks a critical evolution in blockchain scalability, filling a decade-long roadmap gap since Ethereum's sharding vision in 2015, with the next two years focused on optimizing the stability of PeerDAS and expanding to L1 gas limits for broader throughput.

The 17th major upgrade of Ethereum, "Fusaka," has officially activated on the mainnet at epoch 411392, just about 7 months after the Pectra upgrade in May. This upgrade not only brings multiple UX and scalability improvements but also marks Ethereum's formal entry into an accelerated development rhythm of "two hard forks a year." Consensys stated that Ethereum researchers will aim for two upgrades per year in the future.Since the Merge in 2022, Ethereum has typically undergone only one major update per year, namely Shapella (2023), Dencun (2024), and Pectra (2025). Fusaka introduces several key technical changes, including a new sampling technique "PeerDAS" that affects data availability and pricing. This upgrade includes a total of 9 core EIPs and 4 accompanying EIPs, making it one of the largest upgrades in Ethereum's history by certain statistical standards.

The Ethereum Fusaka upgrade will be activated in about 9 hours (UTC time 21:49:11, Beijing time December 4, 05:49:11).This upgrade will take place simultaneously on both the Ethereum consensus layer and execution layer, enhancing Ethereum's ability to handle large-scale transactions from various Layer 2 networks. The block gas limit will be increased to 60 million, and BPO forks will pave the way for subsequent blob parameter adjustments. It is expected to reduce L2 fees by 40% to 60%, making the L2 user experience faster and more cost-effective.

After ETH returned to the $3000 mark, market analysis suggests that this is due to the optimistic expectations surrounding the upcoming Fusaka upgrade, supported by the general rise of major altcoins like SOL and BNB, leading the total cryptocurrency market capitalization to climb to approximately $3.2 trillion.Timothy Misir, head of research at BRN, stated that part of the reason for this price increase is due to a large number of BTC shorts being squeezed out above $93,000, resulting in a surge of forced buying. The capital flow from spot ETFs also provided additional positive factors, with the recent U.S. Bitcoin spot ETF recording a net inflow of approximately $58,500,000, marking the fifth consecutive trading day of positive inflows.