Ethereum’s upcoming Fusaka upgrade is emerging as a major development that could reshape how value flows from Layer-2 networks back to ETH. The Fusaka upgrade is almost here. PeerDAS (EIP-7594) is one of the key features helping Ethereum securely scale. It unlocks up to 8x data throughput. For rollups, this means cheaper blob fees and more space to grow. pic.twitter.com/0AUv3e7QP5 — Ethereum (@ethereum) December 2, 2025 Today, the majority of economic activity generated by rollups—including MEV extraction, sequencing revenue, and transaction ordering—remains siloed at the L2 level, accruing to independent operators rather than to Ethereum itself. New analysis from on-chain intelligence firm Nansen suggests that Fusaka may shift this balance. A New Foundation for Based Rollups Fusaka introduces the technical infrastructure required for “based rollups,” a model where Ethereum validators take over the responsibility of sequencing transactions for L2s. Instead of relying on external or proprietary sequencers, L2s could integrate directly with Ethereum’s validator set, aligning their incentives more tightly with the base layer. “Fusaka itself does not guarantee value accrual to ETH, but it enables it,” said Nicolai Søndergaard, Research Analyst at Nansen. “The upgrade introduces the base infrastructure for based rollups, where Ethereum validators take over L2 sequencing.” Søndergaard explained that if rollups adopt this structure, L2 MEV would begin flowing to ETH stakers, fee burn would increase due to higher blob demand, validator rewards would rise through pre-confirmation revenue, and Ethereum would start capturing a greater share of the economic activity that currently accumulates at the L2 level. He explains, however, that none of this is automatic. The long-term impact depends entirely on whether L2 teams choose to abandon their existing sequencing models. Capital Markets Anticipate Structural Improvements The potential benefits of Fusaka extend beyond validator economics. According to Edwin Mata, CEO and co-founder of enterprise tokenization platform Brickken, the upgrade represents a material improvement to Ethereum’s settlement architecture. With reduced data loads for rollups and validators, the network becomes more predictable in both performance and cost, a key requirement for regulated institutions assessing whether a public blockchain can support issuance and post-trade processes at scale. Mata notes that this predictability is essential for capital-market participants who need reliable settlement environments. By strengthening Ethereum’s consistency, Fusaka enhances its appeal as a venue for institutional-grade financial activity. A More Efficient Environment for Tokenized Assets For the growing real-world asset sector, Fusaka could streamline key operational mechanics. Lower fees and increased throughput on L2s create a more efficient sector for the lifecycle of tokenized instruments, allowing for smoother transfers, faster reconciliations, and greater dependability during distribution events. Mata also pointed out the upgrade’s impact on network resilience. Fusaka lowers the operational threshold for node participation, which broadens the validator base and reduces concentration risk. For financial markets that depend on systems with no single point of failure, greater decentralization is a fundamental advantage. As the Ethereum ecosystem prepares for Fusaka, analysts and industry leaders will be watching whether L2s embrace the base-rollup model. If they do, the upgrade could mark a turning point in how Ethereum captures value from the ecosystem it anchors. The post Fusaka Upgrade Could Reshape How Ethereum Captures Layer-2 Value, Says Nansen appeared first on Cryptonews .
