Ethereum Just Upgraded to Fusaka – Gas Now Only $0.01

Over the past two days, the crypto community has been abuzz as Ethereum completed the Fusaka upgrade – an update that optimizes data, improves performance, and most notably, reduces gas fees to just about $0.01 per transaction.
A figure that previously seemed… only possible in dreams.
But the irony is: Gas is now cheap, the network is stronger – yet users have declined.
It’s like building a brand-new expressway, opening a super-cheap toll station… but with very few cars passing through.

1. “High Gas” Is No Longer an Excuse to Abandon Ethereum
For years, people complained ETH was too slow, fees too high, leading to the explosive growth of the L2 ecosystem: OP, ARB, ZK, STRK, METIS,… everyone wanted to be Ethereum’s “traffic bypass.”
Now ETH has officially solved its biggest weakness, but a paradox has occurred:
Users haven’t returned.

2. Why Has Ethereum Become Less Active?
There are 3 main reasons:
(1) Speculative funds are shifting to memecoins, games, and cheaper chains
The current market doesn’t focus on “infrastructure,” but rather “where the quick profit is.”
Funds are flowing into Solana, BNB, TON… places with constant new narratives and clear x5 x10 opportunities.
Even though Ethereum is stronger, it lacks a hot narrative → liquidity flows elsewhere.

(2) Users are accustomed to L2s, with no reason to return to L1
When OP or ARB have become familiar, with low fees, fast speeds, and vibrant ecosystems → there’s no need to go back to L1.
Ethereum L1 now feels like “luxury housing,” while L2s are the “bustling marketplaces.”

(3) On-chain activity overall is subdued
Not just ETH – the entire market has seen decreased activity:
Fewer people trading NFTs
Games haven’t exploded
Farming isn’t attractive
Memecoins are scattered across many chains
When the market is down, cheap gas can’t pull up volume.

3. The Harsh Truth: Technology Alone Doesn’t Create Users
Fusaka makes Ethereum stronger – but what brings people back are stories, opportunities, and capital flows, not just technology.
Ethereum is like a modern city that’s just widened its roads, but the residents have already moved to places with “better jobs and faster income.”
Good technology is just the foundation.
What the market needs is motivation – a narrative.

4. So What’s Next for Ethereum?
Although ETH is a bit “quiet” now, this upgrade is a crucial foundation for Ethereum to bounce back when:
new narratives emerge
capital flows return
onchain applications explode
AI + DeFi + RWA integrate directly on ETH
At that point, cheap fees and high speed will become a massive competitive advantage.

Conclusion
Ethereum has done what the entire market has awaited for nearly 5 years: Lowered gas fees to nearly zero.
But the upgrade is just the first step. What ETH lacks now isn’t technology – it’s the momentum to bring capital back to the ecosystem.
When a new narrative emerges, you’ll see Ethereum congested again… because there will be too many users.