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Ethereum’s Diet: Reflections on the Fusaka Upgrade ‘Scalability’ has been the dominant narrative in blockchain for the past several years. With the rollup-centric roadmap now established and notable achievements in Layer 2 cost reduction through Dencun and Pectra, it’s time to ask more fundamental questions: ‘Sustainability’ and ‘Democratization of Verification.’ At the center of this stands Fusaka (Fulu Consensus + Osaka Execution), Ethereum’s next major milestone. Ethereum has been paying the price of its own success. As the network grew, state data expanded exponentially, and node operation costs kept climbing. A network born for decentralization becomes more centralized as it succeeds—this structural paradox is the essence of ‘State Bloat.’ Fusaka’s core innovation, Verkle Trees reverses this trend. What once required carrying an entire library for verification can now be proven with a single thin witness. Proof sizes compress from tens of kilobytes to mere hundreds of bytes. Today, when we use dApps, we must trust Infura and Alchemy hidden behind MetaMask. “Don’t trust, verify” has in practice become “Trust Infura, don’t verify. After Fusaka, as hardware requirements drop dramatically, the game changes. You can run a validator at home. Wallets themselves become verification nodes. When validators are distributed across hundreds of thousands of households worldwide, no government can stop this network. You can only truly own what you can verify. Vitalik’s ‘The Verge’ roadmap materializes in Fusaka. I see this as “a transition from adding for growth to subtracting for completion.” As the protocol itself becomes lighter, stopgap middleware solutions will fade, replaced by protocol-native services. Let me go one level deeper as an investor. Traditional Ethereum valuation has focused primarily on the demand side—network fees, transaction volume, TVL, active addresses. But Fusaka fundamentally changes ‘the economics of the supply side’. Network security isn’t free. Ethereum pays substantial inflation rewards to validators annually to maintain security. The higher the node operation costs, the more of these rewards leak out to hardware and infrastructure expenses. When Fusaka dramatically lowers node operation costs, the ‘marginal cost of security’ falls. The same inflation can attract more validators, or the same security level can be achieved with lower inflation. This is direct value accrual to ETH holders. ETHval (https://t.co/EiXwMymXG3) is a project I’ve been building that analyzes Ethereum’s intrinsic value through 12 different methodologies. Post-Fusaka, I plan to track and add several new metrics more closely: Security Cost Efficiency measuring cost per unit of security; Validator Decentralization Index tracking solo staker ratios and geographic distribution; State Growth Rate monitoring annual state data growth; and Light Client Adoption measuring self-verification rates versus RPC dependency. While most valuations focus on demand, I believe supply-side efficiency improvements are an undervalued value driver. Fusaka is an upgrade that improves Ethereum’s ‘operating margin.’ When a system becomes so bloated that only a few can verify it, it’s no different from the legacy financial system we set out to disrupt. Hashed focuses not on projects that simply grow bigger, but on technologies that can return ‘sovereignty of verification’ to users on a lighter Ethereum. And through ETHval, I’ll continue tracking how these changes impact value. Shake off the heavy weight, rise lighter and more agile. Ethereum’s next decade begins with Fusaka. Keep tracking on https://t.co/CanopzxSz5