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EIP-1559 Is Finally Here

First impressions after the launch

DEFI TIMES

Aug 6, 2021

Hey DEFI TIMES community,

EIP-1559 launched yesterday! After years of research and hard work, we made it! It’s finally here!

EIP-1559 essentially does two things:

It improves Ethereum’s UX by implementing a universal gas fee (BASEFEE)
It makes ETH deflationary while also keeping the network secure

The first BASEFEEs are being burned right now, which creates constant deflationary pressure.

By paying the BASEFEE and a certain tip, your transaction is guaranteed to be included in the next block.

Bye-bye stuck transactions!

This is music in your ears - at least for every ETH veteran out there!

Remember the times when you made a Uniswap transaction and it got lost in the memepool? Then you had to speed it up using Metamask or create a custom nonce with another transaction?

These times are gone!

First Impressions After the Launch

The launch went smoothly and without any complications. This is a historic day for the whole crypto and Ethereum community.

It took two years from proposal to implementation, and now… it’s live! - Just think about that for a second!

And EIP-1559 is working perfectly fine:

In fact, over 4,000 ETH have already been burned!

Source: Ultrasound.money (https://ultrasound.money/)

The next major Ethereum upgrade will be the merge, which is expected to launch in Q1 2022.

From that point, Ethereum will truly become deflationary!

Fingers crossed!

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Uruguay Crypto Bill

DEFI TIMES @defitimes

Uruguay will allow businesses to accept cryptocurrencies as a method of payment! Read here! 👇 defitimes.io/news/uruguay-p…

defitimes.ioUruguay Proposes Bill to Allow Crypto For Payments - DEFI TIMESUruguay has introduced a bill that will allow businesses to accept cryptocurrencies as a method of payment.

Uruguay has proposed a bill to allow businesses to accept cryptocurrencies as a method of payment! Crypto adoption in South America is exploding!

NBA Top Shot NFTs

DEFI TIMES @defitimes

.@nbatopshot will sell three exclusive NFTs at NBA Summer League Games! Read here! 👇 defitimes.io/news/nba-top-s…

defitimes.ioNBA Top Shot Will Sell Three Exclusive NFTs At NBA Summer League Games - DEFI TIMESNBA Top Shot will mint three exclusive NFTs. These NFTs will be sold during the NBA Summer League Games in Las Vegas, Nevada.

NBA Top Shot will sell three very exclusive NFTs during the NBA Summer League Games. NFT Top Shot is a marketplace for users to bid on, purchase, and sell digital highlights of NBA players.

South Korea closes crypto exchanges

DEFI TIMES @defitimes

Regulators in Sout Korea will shut down at least 11 crypto exchanges! Read more here! 👇 defitimes.io/news/south-kor…

defitimes.ioSouth Korea: Regulators To Shut Down At Least 11 Crypto Exchanges! - DEFI TIMESSouth Korean regulators are introducing stricter regulations. Besides, they are about to shut down at least 11 crypto exchanges in the country

According to the news agency The Korea Herald, South Korean regulators are about to shut down at least 11 crypto exchanges!

Binance ends derivatives trading in Europe

DEFI TIMES @defitimes

Regulators go after @binance! Binance shuts down derivatives trading in Europe and gets banned in Malaysia! ❌

defitimes.ioBinance Shuts Down Derivatives Trading & Gets Banned In Malaysia - DEFI TIMESBinance faces more regulatory pressure. Now, the exchange shuts down derivatives trading in Europe. In Malaysia, Binance is banned entirely!

Binance faces more regulatory pressure! Now, Binance shuts down derivatives trading in Europe!

Compound adds MKR, AAVE, SUHI, and YFI

Compound Labs @compoundfinance

$MKR $AAVE $SUSHI and $YFI have been added to the Compound protocol 🙌

Compound Labs announced that Compound will add MKR, AAVE, SUHI, and YFI.

dYdX Airdrop

dYdX @dydxprotocol

We are excited to announce the launch of @dydxfoundation, an independent foundation headquartered in Zug, Switzerland This is the first important step in the journey towards the dYdX Protocol’s complete decentralization. Read more:

dydx.exchangeIntroducing the dYdX FoundationThe dYdX Foundation is focused on fostering decentralized governance & empowering traders with powerful, transparent, and open products.

dYdX has launched an independent foundation headquartered in Zug - they also distributed governance tokens to users, traders, and stakers. Did you get the airdrop?

Deversify Polygon Bridge

DeversiFi 🥷 @deversifi

📢 Announcement 📢 We are excited to announce that we are launching the first ever Layer 2 bridge to @0xPolygon! The best part? It has JUST GONE LIVE! Want to know more? 👇 blog.deversifi.com/deversifi-laun…

blog.deversifi.comDeversiFi launches first Layer 2 bridge between Polygon for instant transfersFuelling the speedy movement of assets between layer 2’s and sidechains, users will be able to seamlessly and quickly transfer funds between ecosystems without paying gas! It’s our mission at DeversiFi to make DeFi truly accessible and we’re excited to announce today that we’ve launched the first L…

Deversify has announced their bridge to the Polygon network. It’s the first ever L2 bridge to Polygon!

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DISCLAIMER: All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.

Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.