Introduction: The Missing Economic Lens in Ethereum’s GovernanceEthereum’s development philosophy has long prioritized technical progress — scalability, decentralization, and security — while rarely addressing how these protocol upgrades affect ETH’s economic equilibrium. Each major change, from EIP-1559 to Dencun and now Fusaka, reshapes the relationship between supply and demand for ETH, yet the Foundation’s upgrade process largely omits any financial assessment of these shifts. The upcomin...

Introduction: The Missing Economic Lens in Ethereum’s GovernanceEthereum’s development philosophy has long prioritized technical progress — scalability, decentralization, and security — while rarely addressing how these protocol upgrades affect ETH’s economic equilibrium. Each major change, from EIP-1559 to Dencun and now Fusaka, reshapes the relationship between supply and demand for ETH, yet the Foundation’s upgrade process largely omits any financial assessment of these shifts. The upcomin...