Fidelity Digital Assets said the Fusaka upgrade of the Ethereum blockchain marks a decisive shift towards a more strategically aligned and economically coherent roadmap.
Fusaka, a mix of the names Fulu and Osaka, includes two simultaneous changes to Ethereum’s consensus and execution layers, and is expected to take place in December.
For years, Ethereum’s development path has been shaped by a broad, and sometimes competing, set of stakeholder priorities, Fidelity Digital Assets said in Thursday’s report.
Fusaka represents a break from this model, analyst Max Wadington wrote, by consolidating around a narrower set of goals that more directly reinforce scalability, usability, and, increasingly, accumulation of value for ether. himself.
The analyst described this moment as a maturation in Ethereum’s governance. A shift from loosely coordinated upgrades to a roadmap guided by clearer economic intentions.
Wadington noted that while value creation is not explicitly named as a primary goal, it has become the common incentive uniting developers, users and investors. This alignment is now manifesting itself in protocol-level decisions, particularly in the renewed focus on Layer 1 scaling, which could strengthen pricing power and increase the platform’s revenue-generating potential.
The report also highlights early signs of a shift in the Layer 2 landscape, which could eventually bring more economic activity, and therefore more revenue, back to the base layer.
This dynamic could strengthen Ether’s position as a treasury asset, but the report cautions that these moves come with tradeoffs, particularly regarding how aggressively the network prioritizes monetization without curbing broader adoption.
A layer 1 network is the base layer or underlying infrastructure of a blockchain. Layer 2 refers to a set of off-chain systems or separate blockchains built on top of Layer 1.
Fusaka is less of a one-off technical upgrade than a signal of Ethereum’s next phase, a more focused and economically sustainable platform asserting its pricing power and tightening the alignment of incentives in its ecosystem, the report adds.
Learn more: The Protocol: Ethereum Developers Aim for December for Fusaka Hard Fork
