Ethereum Just Upgraded Fusaka – Gas Now Only $0.01, But Why Is the Chain “As Empty as a Deserted Temple”?

Question

Over the past two days, the crypto community has been abuzz as Ethereum completed the Fusaka upgrade—a major update that optimizes data, improves performance, and most notably, reduces gas fees to just around $0.01 per transaction. A figure that previously seemed… like a dream. But the irony is this: Gas is now cheap, the network is stronger—yet users are leaving. It’s like building a brand-new highway, opening ultra-cheap toll booths… but traffic is sparse.

“High Gas” Is No Longer a Reason to Abandon Ethereum For years, people complained that ETH was too slow and fees were too high, sparking an entire L2 ecosystem: OP, ARB, ZK, STRK, METIS… everyone wanted to be Ethereum’s “traffic bypass.” Now ETH has officially solved its biggest weakness, but a paradox has occurred: Users aren’t coming back.
Why Has Ethereum Become Less Active? There are three main reasons: (1) Speculative capital has shifted to memecoins, games, and cheaper chains The current market isn’t focused on “infrastructure,” but on “where quick gains are.” Capital is flowing to Solana, BNB, TON… places with constant new stories and clear x5 x10 opportunities. Even though Ethereum is stronger, it lacks a hot narrative → liquidity flows elsewhere.

(2) Users are accustomed to L2s, with no reason to return to L1 When OP or ARB are familiar, have low fees, fast speeds, and vibrant ecosystems → there’s no need to go back to L1. Ethereum L1 now feels like a “luxury residence,” while L2s are the “bustling marketplaces.”

(3) Onchain activity in general is subdued It’s not just ETH—the entire market has slowed down: Few people are trading NFTGames haven’t explodedFarming is unattractiveMemecoins are scattered across many chains When the market is down, cheap gas alone can’t boost volume.

The Harsh Truth: Technology Alone Doesn’t Create Users Fusaka makes Ethereum stronger—but what brings people back are stories, opportunities, and capital, not just technology. Ethereum is like a modern city with newly expanded roads, but its residents have moved elsewhere for “better jobs and faster income.” Good technology is just the foundation. What the market needs is momentum—a narrative.
So What’s Next for Ethereum? Although ETH feels a bit “empty” right now, this upgrade lays a critical foundation for Ethereum to surge back when: a new narrative emergescapital returns onchain applications boomAI + DeFi + RWA integrate directly on ETH At that point, cheap fees and high speed will become massive competitive advantages.

Conclusion Ethereum has achieved what the entire market has waited nearly five years for: bringing gas fees close to zero. But the upgrade is just the first step. What ETH lacks now isn’t technology—it’s the motivation for capital to flow back into the ecosystem. When a new narrative appears, you’ll see Ethereum congested again… because there are too many users.