Ethereum at ATHs | Weekly Recap

The Ethereum network is crushing it. Here are some metrics to keep in mind.
Apr 24, 20212 min read

Dear Bankless Nation,

Ethereum is crushing it.

Last year Ethereum settled over $1.3T in transaction value. 🔥

But in the first quarter of this year, Ethereum settled $1.5T. The means Ethereum just settled it’s entire 2020 transaction value in just 3 months. You bullish? 🔥🔥🔥

Source: Messari, Ryan Watkins

Cause we’re just getting warmed up.

Exchange outflows for ETH are hitting an all time high as I write this.

People are moving their ETH off centralized exchanges and using it on Ethereum. People are taking self-custody of their money. People are using it in DeFi—maybe to mint DAI, back a loan, swap tokens, buy NFTs, or stake on Eth2 (there’s now $10B staked).

People are going bankless.

At the same time Ethereum active addresses are breaching new ATHs. Active addresses are like crypto native bank accounts—and they’re doing more than ever.

The all-time-highs on these fundamental metrics are happening all while Ethereum marches toward a July implementation of EIP1559 and then the elimination of proof-of-work issuance later this year—we’re less than 12 month aways from the birth of ETH as Ultra Sound Money.

Most people don’t understand any of this. They don’t understand that ETH is about to undergo the equivalent of 3 halvings in the next 12 months. But if you’re on the bankless program, you do.

ETH is money is probably the biggest alpha leak we’ve ever given. And we’ve been preaching it for years (back in the days when ETH was still double digits.).

We’ll leave you with that. Here’s what lined up for next week:

  • Podcast dropping with Joel Monegro of Placeholder VC (early access here)
  • William’s going to show you how to earn by working for protocols
  • Shreyas is going to dive into the future of DAO treasuries

Oh…how hype would it be if Justin Drake came back and showed us the financial projections for ETH as Ultra Sound Money? 😱😱😱

Cause he is. On Tuesday. Set a reminder to watch it here.

Let’s get to the recap.


P.S. Seriously get your Bankless Badge!!

Recap for the week of April 19th, 2021


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  1. Execute any good market opportunities you saw in Market Monday
  2. Win free stuff with your Bankless Badge
  3. Review Ethereum’s history of hacks
  4. Explore the wild future of synthetic assets
  5. Tell us where you’re at in the world!

Watch & Listen

  1. 🎙️ Listen to Before Bitcoin with Pet3rPan
  2. 📺 Watch SotN: Coinbase Goes Direct with Jeff Dorman
  3. 📺 Watch MtN: PoolTogether with Leighton Cusack
  4. 📺 Watch Rollup: Venmo | Huge ETH Q1 | Canada ETF | Ampleforth

Weekly Subscriber Perks 🔥

Bankless Premium Subscribers gives you access to perks like these:

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

📺 Episode 43 of State of the Nation

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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.

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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