VanEck: Ethereum Fusaka Upgrade to Improve L2 Scalability — Unstaked ETH Faces Dilution Risk

In a company post, VanEck said December’s Fusaka upgrade is designed to ease data demands on validators, supporting improved scalability for Ethereum second-layer solutions and potentially lowering L2 costs. VanEck framed Fusaka as a protocol-level enhancement that could reinforce Ethereum’s centrality within the scaling ecosystem and make the network more attractive for institutional deployment. Their analysts also cautioned that holders of unstaked ETH may face a dilution risk as institutional actors—from ETFs to corporate crypto treasuries—continue to accumulate and **stake ETH** to capture yield, altering on‑chain supply dynamics and validator economics without guaranteeing near‑term price effects.