Recently, the market's reaction to Ethereum's Fusaka upgrade has been quite interesting. Amid the panic, it seems people haven't really grasped the true significance of this upgrade. Livio, the CEO of New Fire Technology, shared an opinion that I think is worth considering.

He said that Fusaka is not just a "technical patch," but a systemic adjustment to ETH's tokenomics. What's the core issue it aims to solve? It's the long-standing problem of value capture between L1 and L2—in plain terms, it's a "BUG."

The key to this upgrade is establishing an institutionalized mechanism for L2s to regularly "pay taxes" to L1. This isn't just talk; it's about locking in value feedback to L1 at the code level, providing long-term support for ETH itself.

The market might not understand this in the short term, but from a tokenomics design perspective, this is a very strategic move. After all, with L2s thriving so much while the value of the L1 token hasn't caught up, this contradiction really needs to be addressed.