Hasu is a pioneer and thought leader in the world of cryptoeconomic research.
He is a rare voice in crypto, unafraid to speak his mind and break ranks with both Ethereans and Bitcoiners. His takes were often varied and elusive… until the EIP-1559 proposal. Dive in to learn what changed his mind.
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🎙️Bankless Podcast Episode #58: EIP-1559
March 29th, 2021
Hasu is a renowned pseudonymous researcher in the cryptoeconomic space, and we have been long impressed by his clear, sober ideas. In his second appearance on the pod, we dive deeply into EIP-1559, covering its technicals but also the social & cultural implications of the proposal.
When it comes to the field of cryptoeconomics, Hasu is most compelled by research on establishing and maintening economic security. EIP-1559 embodies these concepts through its transaction fee dynamics, regulation of gas prices, and novel mechanisms for users to buy transactions on the network.
Properly incentivizing validators to come to consensus is necessary for a cryptoeconomically secure platform. EIP-1559 aims to accomplish this by regulating the consumption of resources on the network, fixing the price of gas on a block while allowing its quantity to float.
The changes under EIP-1559 allow Ethereum to incentivize its deflationary mechanism, mitigate Miner Extracted Value (MEV), and improve the user experience for individuals transacting on the Ethereum network. Tune in as Hasu’s refreshing and credible perspective conceptualizes this multi-faceted cryptoeconomic system.
4:06 What’s Exciting About EIP-1559
9:20 Importance of Economic Security
11:35 What’s EIP-1559 All About?
16:31 Incentives & The Scarcity Engine
20:28 How EIP-1559 is an Improvement
23:05 Current Block Management
25:15 Improving User Experience
28:35 Present Inefficiencies
32:34 Future Efficiencies
35:50 High Network Congestion
42:50 Smoothing out Traffic
47:08 Transaction Fees
50:35 Burning Base Fee
52:26 Economic Abstraction
56:16 Problems of Abstraction
58:06 Security = Issuance
1:03:12 ETH’s Monetary Premium
1:09:48 Miner Extracted Value (MEV)
1:17:36 EIP-1559 & Miners
1:20:03 Miners vs. Stakers
1:26:03 An EIP-1559, PoS Future
1:30:48 A Flexible Monetary Policy
1:35:20 Bitcoin, Security, and Issuance
1:38:11 Sound Money Culture
1:44:23 Hasu & Community
1:46:44 Evangelizing ETH
1:50:26 Closing & Disclaimers
Uncommon Core Blog/Podcast:
Hasu on Twitter:
Some of Hasu’s Writings:
-Analysis of EIP-1559 https://insights.deribit.com/market-research/analysis-of-eip-1559/
-Guide to EIP-1559 https://uncommoncore.co/eip-1559/
-The future of money https://insights.deribit.com/market-research/the-future-of-money-could-be-discretionary/
EIP-1559 on the Horizon
The Bull Case for Cryptography
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
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