EIP 1559 is Coming | Weekly Recap

ETH fee burning set to start on August 4th--this is big.

Kyber Network’s launched a liquidity mining program for its new DMM. APY’s lookin 🔥

Get KNC for liquidity on Kyber


Dear Bankless Nation,

August 4th.

That’s the date when EIP 1559 is slated to go live on Ethereum mainnet.

This will be a monumental event for Ethereum.

Let’s talk about this upgrade to ETH’s monetary economics.

The Beacon Chain launched December 1st 2020 which turned ETH into a capital asset. While this was massive for ETH the asset, Ethereum’s annual issuance increased slightly as a result.

But after EIP 1559, ETH issuance only goes in one direction…down.

EIP 1559 is both an UX upgrade for using Ethereum (the network) and an economic upgrade for Ether (the asset). It features a new auction mechanism, improving gas fees user experience as well as burning ETH on every transaction.

🎙️ Need a refesher on EIP 1559? Relisten to this primer on EIP 1559 w/ Hasu

After EIP 1559 on August 4th, the only thing ETH needs to become ultra sound money is The Merge—at that point the Ethereum network eliminates PoW issuance and fully transitions to the PoS network and reduces issuance below 1% per year.

Bottomline: ETH issuance is around 5% today but two things are about to happen…

  • August 4th, 2021—Fee Burn with EIP 1559 (1-2% issuance reduction)

  • Q1 2022—Proof-of-work issuance deactivated (~4% issuance reduction)

That’s why August 4th is so significant.

With the deployment of EIP 1559 we will leave the Inflationary Era of ETH and move into the Ultra Sound Era of ETH.

This is the hardening of ETH’s monetary policy.

This is the making of a protocol-sovereign Internet Bond.

This is how ETH becomes a capital efficient world reserve asset.

This is a big deal.

Yeah, we’re excited.

While we wait, let’s harness that excitement to keep leveling up.

Here’s what we have lined up for the next week:

  • Arthur_0x on how he built a $500m DeFi fund in 3 years

  • Ben dives into Perpetual Protocol and the PERP token

  • Jiho from Axie Infinity is coming on State of the Nation

Enjoy the weekend.

- RSA

P.S. Bankless DAO is hosting its weekly NFT showcase with legendary 3D artist Bayu Marlin. Two pieces available via open edition for 0.01 ETH each. Get it & collect crypto culture 🏴


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Recap for the week of July 5th, 2021


🎙️WEEKLY PODCAST EPISODE

Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed


ACTION RECAP 📚

  1. Execute any good market opportunities you saw in Market Monday

  2. Learn how to get exposure to CryptoPunks

  3. Read why ETH is the most capital efficient asset in the world

  4. Research PoolTogether’s no-loss lottery and POOL token

  5. Leak the most undervalued token

WATCH & LISTEN 🔊

  1. 🎙️ Listen to The Power of Mimetic Desires | Luke Burgis

  2. 📺 Watch Compound and the DeFi Mullet | Robert Leshner

  3. 📺 Watch Rollup: EIP 1559 | JP Morgan Staking | Binance Squeeze

METAVERSAL 🧙‍♂️

  1. NFT Sales Hit $2.5B 🔥

  2. How to use rarity.tools 

  3. Inside “The New Octahedron”

BANKLESS DAO 🏴

  1. Bankless DAO weekly rollup #10

  2. Results from Coordinape Epoch 1


Weekly Subscriber Perks 🔥

The Bankless badge gives you access to perks like these:

Launch your own raffle for Bankless Badge holders! Go ahead. We can’t stop you.

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📺 State of the Nation: Compound & the DeFi Mullet | Robert Leshner

🎙️Listen to Podcast Episode | 📺 Watch the Episode

We’re now live streaming State of the Nation—join us at 2pm EST every Tuesday!


🗞️ Latest Weekly Rollup. Download the crypto meta to your brain in this weekly show.

Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed



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ETH is the most capital efficient asset in the world. Read to learn why.


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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.


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