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Today the markets leaned towards risk, with crypto leading the way while traditional commodities were not mentioned. Ethereum’s Fusaka revolution arrived with PeerDAS, BPO hard forks, and the undisclosed EIP-7918, which together could restore deflationary pressure on ETH. Going forward, Sui is pushing hard into robotics, positioning chain communication, stability and telemetry as key building blocks for the world’s future machines.
Signs
Markets leaned towards risk, with crypto outperforming traditional commodities. BTC (+5.8%) was in the middle of the pack, where the currency was traded. The S&P 500 (+0.3%) and Nasdaq 100 (+0.9%) were unchanged. Gold (-0.3%) fell, and crypto miners were more transparent (-8.7%), which means taking profits and interest in the combination of BTC.
The growth of the crypto sector was very strong. Oracles, lending and the expansion of the Ethereum ecosystem led the group, showing a re-exaggeration of the flexibility to the fundamentals and the most widely used protocols. DeFi, Modular, Solana ecosystem, and perps follow behind with strong showings, which shows a lot of beta interest in liquid sectors. Download stack, L2s, AI plays, launchpads and game tokens all moved to the top, while speculative areas like memes remained. The clearest pockets of weakness were crypto equities and mining in particular, which saw meaningful traction.
This movement is related to the control of the mind in which the wind helps. Yields have stabilized, growth indicators have been confirmed, and benchmark metrics show that investors are increasing risk over the long term. The return of power in the infra sector means to expect high-level events onchain and that will lead to the upgrade of protocols. Looking ahead, attention turns to the big letters this weekend, which could test the strength of the threat tone. Volatility remains under pressure, but with the growth of the crypto market spread, traders should expect greater volatility as news evolves.
Market changes
Today is Fusaka day in Ethereum land, the second upgrade this year (the Pectra hard fork was in May). It’s not often that Ethereum has two updates in one year, and that’s because Fusaka is more advanced. More than a dozen EIPs were subsequently withdrawn The EOF was changed in April.
Of the remaining 12 EIPs, PeerDAS is the most important, according to Gabriel Trintinalia, protocol engineer at Consensys.
“During the initial development of Fusaka’s redesign, anything that had a risk of slowing down the fork, such as something that required more research or had more complexity, was removed and removed from the surface,” Trintinalia told Blockworks.
PeerDAS launches sample data availabilitywhich allows validators to share the property of blobs, allowing for an increase in the number of blobs per block. There is one upgrade that gets overlooked, but first, some background:
Blobs have failed to hit the target of six blocks per block, and just as it looks like they are about to do so, Ethereum is looking to raise the target again. Technically, Fusaka isn’t leveling up the target blob, but rather triggering it Blob Parameters Only (BPO) hard forks. This creates a different and simpler way to modify blob storage parameters. So instead of waiting for a big upgrade, Ethereum can make smaller, more frequent upgrades to increase it.
The larger point is still there: With the amount of demand, the price of blob gas has been very low (with the occasional exception where the price of a blob reached 1 gwei).
Post-Pectra, between June and October, Ethereum made about $900 in blob prices. A small increase in November brought ~ $ 23,000. However it was not physical, but it showed the difference in the order of growth where the blobs have a market.
That is why EIP-7918 they need more attention. It solves the problem of the blob fee market by bringing the reserve price in line with the kill price (some kind of floor price). As L2 prices control the blob price, this prevents the blob payment market from being inefficient at 1 wei. For example, as shown below, if EIP-7918 had been introduced on June 1, 2025, the burn rate would have been about 8x more. This upgrade is not only based on storage prices, it also provides price stability and predictability, avoiding price spikes when the blob market becomes unstable.
Along with PeerDAS and BPO, this shows that as Ethereum scales L2 power, blob fees should rise as well (historically, the relationship has been strictly inverse). For ETH holders, this, combined with the scaling of L1, will hopefully return ETH to a deflationary phase.
Updated Dec. 4, 2025 at 2:12 am ET: Great comment
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