Crypto & DeFi

• The entire cryptocurrency market spiked up, everything was green last week.

  • Bitcoin peaked at ~$45,000 before pulling back to the mid $43,000.

  • Ether spiked up to ~$3150 before pulling back to around $2900.

• Most believe the increase in price was due to the $ETH London Hard fork and EIP-1559, an improvement proposal that is meant to stabilize transaction fees on the network and also start burning Ether with each transaction, causing the cryptocurrency to become more deflationary. Since Thursday, when the hard fork took effect, over 16,304 ETH (~$48,000,000) has been burned due to the new rules. Source: https://etherchain.org/burn

• Here’s the motivation behind the EIP-1559 upgrade, explained by one of the Ethereum core developers:

  

  barnabe.eth @barnabemonnot

  To many, the burn is intrinsically linked to EIP-1559, but the relationship is more nuanced. EIP-1559 today has two properties: 1) It captures economic value created by the use of the network 2) It removes this value from the supply

  4:50 AM ∙ Aug 5, 2021

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  83Likes8Retweets

• The $1T Biden Infrastructure bill introduced an amendment that would generate revenue by taxing the crypto industry. The crypto community got mad at the vague wording and fought back. Voting on this bill is now delayed due to competing amendments proposed by different groups of senators.

• Here are some excellent tweet threads that summarize what’s going on:

  

  Brian Armstrong @brian_armstrong

  1/ If you’ve been following threads on the Infrastructure bill, you know that there is a hastily conceived provision related to digital assets. This provision could have a profound negative impact on crypto in the US and unintentionally push more innovation offshore.

  10:09 PM ∙ Aug 4, 2021

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  4,484Likes1,260Retweets

Adam Cochran @adamscochran

1/25 Senator Portman on the floor right now ranting about CBO, while arguing against himself is a really good insight as to the challenge that crypto faces right now. If you don't understand the political context we're dealing with on this bill:

6:35 PM ∙ Aug 8, 2021

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506Likes118Retweets

Jake Chervinsky @jchervinsky

1/ A quick explainer on what happened with the infrastructure bill last night: We were on track to pass the Wyden-Lummis-Toomey amendment to fix the worst issues with the bill, & then Senators @robportman & @MarkWarner came from nowhere to blow it up. Now the vote's tomorrow 👇

2:35 PM ∙ Aug 6, 2021

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5,323Likes1,992Retweets

NFTs

• If you’re interested in all the latest drops, NFT mints, and trade opportunities, follow my friend @RemixMTG and ask to join his discord. He’s a friendly dude building a community of NFT collectors who trade tips, discuss rarity values, valuations, etc.

• CryptoPunks continues to generate hype — #8348 is the only one in the 10,000 piece collection that has 7 accessories associated with the piece (cigarette, buck teeth, classic shades, earring, top hat, big beard, and male), and it’s now on sale for 60,000 ETH, or around $170,000,000:

  

  Loopify 🧙‍♂️ @Loopifyyy

  Punk #8348 owned by @seedphrase is the only 7 trait punk to ever exist. Just got listed for 60,000 ETH. This is the grail of the grail's grail punk. Not out of the question by all means. Prediction on when this sells?

  

  5:41 PM ∙ Aug 6, 2021

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  462Likes65Retweets

• I encouraged my girlfriend to start her own NFT collection on OpenSea, after seeing how she found success with an art project on Instagram (@asianbakerygirl). She agreed to try it out and now has her own collection @bread-face-nfts. Check her out on twitter too!

  

  breadfaceNFTs @breadfaceNFTs

  Introducing bread face NFTs!! 🥖 Bringing relatable moods to your favorite comfort food - bread 🍞 Every bread has a mood, a food type, & ethnicity 🎨 All pieces were taken, eaten, & illustrated by urs truly 💰 Giveaway coming soon! Follow for updates opensea.io/collection/bre…

  

  opensea.ioBread Face NFTs Marketplace on OpenSea: Buy, sell, and explore digital assetsAdding a ✨ dash of life ✨ to your favorite breads and bakes! All assets were taken, eaten, and illustrated by the one and only happiimochii.

  6:52 AM ∙ Aug 9, 2021

• A twitter meme account and social media manager, Adrienne Young, listed an original Twitter NFT for 69 ETH on Sunday morning. She included an interesting perk: whoever buys the NFT gets to go on a date with her. Less than 12 hours later, the NFT sold, but it seems like the buyer didn’t even know about the date portion — they never contacted her, and they re-listed the NFT immediately for sale at 99 ETH. Hilarious stuff. Definitely top signal 😂

  

  paddington & mia khalifa stan account @Adriyoung

  i just listed my Reply Guy NFT on @opensea for 69 ETH (nice) and in the spirit of reply guy energy… if you buy it, i’ll transfer another NFT to you (see thread) that I made that represents an irl date with me 😛 let’s find love through crypto y’all opensea.io/assets/0xbc4ca…

  

  opensea.ioReply Guy - The 140 Collection by Twitter | OpenSeaThe man behind the mansplaining. Limited to 20 pieces. --- We’re excited you’re interested in an NFT created by Twitter. As a recipient of the Twitter NFT, either through an initial transfer from Twitter or a subsequent trans

  4:24 PM ∙ Aug 8, 2021

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  130Likes10Retweets

DAOs

• Don’t have too much news here this week.

Misc.

• For any devs out there, I posted a video tutorial on how to start a project to build on the Flow blockchain (same blockchain used by NBA Topshot):