JPMorgan: The boost in activity due to the Ethereum Fusaka upgrade may not be sustainable

Ethereum’s Fusaka upgrade, expected to complete by December 2025, initially boosted network activity and reduced transaction fees. However, historical data suggests this growth may not last.

Layer 2 networks and competing chains put pressure on Ethereum, while decreased interest in NFTs and Meme tokens, along with capital migration, have raised ETH supply and diminished Total Value Locked.

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