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Introduction — A Market That Lost Its Price SignalAfter the Dencun upgrade (EIP-4844) introduced blobs — Ethereum’s new data-availability market for Layer-2 rollups — the network achieved one of its greatest technical milestones in years: a ten-fold improvement in scalability. But economically, Dencun also created an imbalance. The new blob market functioned too well from an efficiency standpoint and too poorly from a pricing one. Within days of launch, blob fees collapsed to near zero, remai...

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...

ntroduction: Scaling the Premium LayerEthereum’s scalability roadmap has long been defined not just by how much it scales, but how and where it does so. Layer 2s (L2s) pursue volume and cost efficiency; Layer 1 (L1) safeguards trust and finality. EIP-7935 — “Set Default Gas Limit to 60M” — embodies this distinction. It proposes increasing Ethereum’s default gas limit per block from 36M to 60M, a +66.7% rise in execution capacity. The goal isn’t to make Ethereum cheaper, but to make it more ca...