Binance Research released the research report "Pectra and Fusaka Upgrades: What does it mean for Ethereum?" The report notes that Ethereum's dominance is being challenged. Solana and BNB Chain are catching up quickly in DEX trading volume and fee revenue. The main reasons for this trend include: Ethereum transaction speed is slow, costly, the development ecosystem and liquidity are fragmented, and the rise of L2 has weakened the return of the value of the main chain. At the same time, Ethereum plans to launch Pectra and Fusaka upgrades in May 2025 and the end of the year, focusing on L2 expansion. However, it is worth noting that these two upgrades did not involve relevant code changes that strengthened the "ultrasound money" narrative or improved the ability to resist censorship. In addition, the report also stated that although Ethereum is actively promoting its L2 expansion strategy, it has also raised concerns about its competitiveness as a data availability layer and the sustainability of the accumulation of value of ETH assets. Finally, regarding the long-term value accumulation path for ETH, the report states that the current market is exploring multiple suggested paths, such as repricing the blob market, but this may prompt L2 to opt for a cheaper alternative. The requirement of L2 to give back some of the fees to ETH is also difficult to implement because of its strong subjectivity. At present, Based Rollup, based on Ethereum sorter, supports ETH value accumulation the most obvious support, but this mechanism is not listed as the current priority upgrade target.

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