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 value capture "bug" between Layer 1 and Layer 2 by institutionalizing a "taxation" mechanism from L2 to L1, creating a stable, intrinsic "buyback" for ETH. This mechanism aims to shift Ethereum from long-term inflationary pressures towards deflation.