Ethereum is about to make a major move this time.

On December 3, 2025, the Fusaka hard fork will be activated on schedule. What's the core highlight of this upgrade? Simply put, it's about making Layer2 cheaper, faster, and easier to use.

PeerDAS technology is the killer feature this time—validator nodes no longer need to download all the data to complete verification. What does this mean? L2 transaction fees can be slashed by another 40%-60%. Combined with the elastic scaling mechanism for Blob storage space, the network's theoretical throughput soars to 100,000 TPS. Just think about how last year's Cancun upgrade halved L2 costs and triggered a mini bull market—the technical dividend this time is even stronger.

Just look at the on-chain data to see what the smart money is doing. The current staking rate has surged to 28.65%, with 35.56 million ETH locked in staking contracts—at current prices, that's close to $10 billion in real capital. Institutional holdings have surpassed 18%, and traditional finance giants like BlackRock are steadily building positions through RWA funds, with chips clearly concentrating in the hands of big players.

Looking back, every major technical iteration—whether it was The Merge reducing energy consumption by 99.9%, the Shanghai upgrade allowing withdrawals, or Cancun introducing Blob scaling—has been accompanied by a revaluation of ETH. Fusaka is advancing on three technical tracks at once: scaling, light clients, and historical data pruning, while also laying the foundation for the 2026 Glamsterdam upgrade, making the whole ecosystem increasingly robust.

Of course, the market is not a one-way street. External variables like Fed policy shifts, macro liquidity, and regulatory attitude still exist. But from a technical fundamentals perspective, the price around $2,500 does offer a considerable margin of safety. DeFi protocols, blockchain gaming projects, and the NFT market are all waiting for this wave of performance upgrades to go live; once the ecosystem applications pick up, demand will naturally follow.

Technically driven rallies are usually more solid than pure speculative ones. This upgrade window is definitely worth keeping a close eye on.