Original title: "The Zone Chain Revolution continues to rise to the Ether House"

Source: Trend Research

Since the collapse of the 1011 market, the entire encrypted market has been weak, with heavy losses to marketers and investors, and the recovery of funds and emotions will take time. But what is most important in the encryption market is new volatility and opportunities, and we remain optimistic about the back market. Because the trend towards the integration of encrypted mainstream assets and traditional finance into a new business has not changed, it has been followed by rapid accumulation of moats during periods of market downturns。

Enhanced Wall Street Consensus

On 3 December, the President of the United States SEC, Paul Atkins, said in an interview he received under the banner FOX:In the next few years, the entire U.S. financial market may move to the chainI am not sure。

Atkins says:

(1) The central advantage of monetization is that where assets exist in a block chain, ownership structures and asset attributes are highly transparent. It is often not clear to currently listed companies who the shareholders are, where they are and where they are。

(2) THE MONETIZATION IS ALSO EXPECTED TO RESULT IN A "T+0" SETTLEMENT, REPLACING THE CURRENT "T+1" TRANSACTION SETTLEMENT CYCLE. IN PRINCIPLE, THE CHAIN-BASED PAYMENT (DVP)/RECEIVING PAYMENT (RVP) MECHANISM REDUCES MARKET RISK AND ENHANCES TRANSPARENCY, WHILE THE CURRENT TIME LAG BETWEEN LIQUIDATION, SETTLEMENT AND FINANCIAL DELIVERY IS ONE OF THE SOURCES OF SYSTEMIC RISK。

(3) Considers that monetization is a necessary trend in financial services, and mainstream banks and issuers are moving in the direction of monetization. The world may not even be able to use 10 years... maybe a few years later. We are actively embracing new technologies to ensure that the United States remains at the forefront in areas such as encrypted currency。

In fact, Wall Street and Washington have built deep and encrypted capital networks that form a new narrative chain:THE U.S. POLITICAL AND ECONOMIC ELITE + RWA + L2

As can be seen from this map, the Trump family, the traditional bond business, the Treasury, the technology company, and the encryption company are connected together, with the green ellipse becoming the backbone:

(1) United States dollar assets behind USDT, USDC, WLD etc

The bulk of the reserve assets is short-term United States debt plus bank deposits held through vouchers like Cantor。

(2) US Treaties

Issued and managed by Treasury/Bessent, Palantir, Druckenmiller, Tiger Cubs, etc., are used as a base for low-risk interest rates and are also revenue assets pursued by the Stabilization / Treasury。

(3) RWA

From dollar debt, mortgages, receivables to housing finance, monetization is done through the Taishu L1/L2 agreement。

(4) ETH & ETH L2 EQUITY

The ETA is the main chain of RWA, Stable Currency, DeFi, AI-DeFi, L2 / Token is a claim for future trade volumes, fees and cash flows。

The chain says:

UNITED STATES DOLLAR CREDIT – UNITED STATES DEBT – STABLE CURRENCY RESERVES – VARIOUS TYPES OF ENCRYPTED TREASURY/ RWA AGREEMENTS EVENTUALLY SETTLE ON ETH / L2。

FROM RWA'S TVL, ETH IS THE ONLY FAST FIXER OF FALLING AND RISING PUBLIC CHAINS COMPARED TO THE OTHER PUBLIC CHAINS THAT FELL IN 1011, AND CURRENTLY TVL 12.4 BILLION, OR 64.5% OF THE TOTAL ENCRYPTION

II. Captures with Exploratory Values

The recent upgrade of Fusaka has not caused much in the market, but it has been a "marking event" in terms of the evolution of network structures and economic models. Fusaka is not just a build-up through PeerDAS and other EIPs, but ratherTRY TO SOLVE THE PROBLEM OF THE L1 MAIN WEB VALUE CAPTURE THAT HAS ARISEN SINCE THE L2 DEVELOPMENT。

Through EIP-7918, ETH introduces the `dynamic floor price', binds its lower limit to the L1 enforcement level baseee, requiring that the DA fee be paid at least at a unit price equal to approximately L1 base benefit 1/16; this means that Rollup will no longer be able to occupy the blob bandwidth for long periods of time in a manner close to zero, and the corresponding cost will flow back to ETH holder in the form of combustion。

Three of the upgrades to the Ether are related to burning:

(1) London (one-dimensional): burn only the executive layer, ETH begins to generate structural combustion due to L1 usage

(2) Dencun (two-dimensional + blob market independence): Burn the executive layer + blob, L2 data written in blob also burn ETH, but at low demand the blob part is almost 0。

(3) Fusaka (two-dimensional + blob and L1 bound): L2 (blob) must be paid and burned at least at a fixed rate of L1 base feel, and L2 activities are more steadily mapped to ETH burn。

At present, the fee of 12.11-233-1h has reached 5696.3 billion times the pre-Fusaka upgrade, burning 1527 ETH, blob fees has become the highest proportion of combustion contribution, up to 98 per cent, and when ETH L2 is more active, the upgrade is expected to bring ETH back deflation。

III. ELECTRONIC TECHNOLOGY

In the 1011 fall, ETH's future levers were fully cleaned up and eventually killed the off-the-shelf levers, while many faiths in ETH were inadequate, resulting in many ancient OG running away. According to Coinbase, the speculative leverage of currency rings has fallen to 4 per cent of historical lows。

In the past, an important part of the ETH had come from the traditional Long BTC/Short ETH matchmaking, especially when it was generally very good in Bear City, but this was an accident. The ETH/BTC ratio has been running across resistance since November。

ETH now has 13 million trading platforms, about 10 per cent of the total, at a historically low level, and when the Long BTC/Short ETH pairs start to fail in November, the market is in a state of extreme panic, or when opportunities for "coupling" occur。

With the interaction of 2025-2026, the future monetary and fiscal policies of China and the United States have sent out friendly signals:

In the future, the United States will be active, tax cuts, interest rates and encryption deregulation, China will be properly relaxed and financial stability (repression of volatility)。

ETH IS STILL IN A BETTER BUY-IN "BALL ZONE" IN THE FACE OF RELATIVELY RELAXED EXPECTATIONS FROM CHINA AND THE UNITED STATES OF AMERICA TO SUPPRESS THE VOLATILITY OF ASSETS。

This paper is from a contribution and does not represent the point of view of Block Beats。