Fusaka Upgrade Could Let Ethereum Capture More Layer-2 Value, Says Nansen

Ethereum’s upcoming Fusaka upgrade may do more than improve scaling — it could reshape how economic value from Layer-2 networks flows back to the Ethereum base layer. On-chain analytics firm Nansen believes the upgrade could pave the way for “based rollups,” shifting MEV, sequencing, and fee revenue toward ETH validators and stakers.

Coinccino Coinccino
Dec 3, 2025 - 11:32
Fusaka Upgrade Could Let Ethereum Capture More Layer-2 Value, Says Nansen

What Fusaka Is Bringing to Ethereum

  • Fusaka is Ethereum’s next major hard fork, scheduled for December 2025.
  • It introduces PeerDAS (EIP-7594), allowing validators to verify data without downloading full “blobs,” enabling huge gains in data throughput for rollups.
  • The upgrade also refines gas and blob-fee rules, improves efficiency, and reduces node requirements — all aimed at supporting the rollup-centric roadmap.

In short: Fusaka increases Ethereum’s scalability and strengthens its economic position.

What Nansen’s Research Reveals

Nansen highlights a key point:

Most Layer-2 economic activity today — MEV, fees, and sequencing revenue — stays at the rollup level. Practically none of it flows back to Ethereum.

With Fusaka, that could change:

  • Rollups may shift toward based rollups, where Ethereum validators handle sequencing.
  • This would move value that rollups currently capture — such as MEV and transaction ordering revenue — toward ETH validators and stakers.
  • More rollup activity could also increase ETH fee burn, strengthening long-term value.

This isn’t guaranteed — but Fusaka creates the conditions for it.

Why It Matters

For ETH Holders & Stakers

Better value capture would improve ETH’s economic model, boosting staking yield and reinforcing ETH’s role as a “productive asset.”

For Layer-2 Developers

Rollups could become cheaper and more scalable thanks to improved blob capacity and PeerDAS efficiency.

For Institutions

A more efficient, economically aligned Ethereum ecosystem enhances its appeal as settlement infrastructure for enterprise-grade applications.

Challenges & Unknowns

  • Adoption requires Layer-2 teams to choose based-rollup architecture.
  • Rollup operators might resist giving up sequencer revenue.
  • Market cycles, regulation, or competing ecosystems could influence adoption.

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