Livio, CEO of New Fire Technology, argues that the market is underestimating the strategic significance of Ethereum's Fusaka upgrade amid current panic. In a column for FT Chinese, Livio emphasizes that Fusaka is not merely a 'technical patch' but a systemic initiative to enhance the ETH token economy. The upgrade addresses the 'bug' in value capture between Layer 1 and Layer 2 by institutionalizing a 'taxation' mechanism from L2 to L1, creating a stable, intrinsic 'buyback' for ETH. This shift is expected to help transition from long-term inflationary pressures to deflationary trends.