The EIP That Destroys DeFi | Stani Kulechov & Mike Silagadze

Ethereum’s latest staking proposal is sparking backlash across DeFi. Aave founder Stani Kulechov and EtherFi CEO Mike Silagadze join David to break down why stake tapering could push ETH yield toward zero, weaken solo staking, drive capital out of DeFi, and make ETH less attractive to institutions. They debate Ethereum’s monetary policy, whether the network is overpaying for security, and why trying to make ETH more like Bitcoin could undermine what makes Ethereum valuable in the first place. Subscribe for more conversations from the frontier of crypto. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near-pod 🔑BITKEY | GET 10% OFF USE CODE: BANKLESS | #bitkeypartner https://bankless.cc/bitkey ✈️COINBASE ONE CARD | EARN 5% BACK IN BITCOIN https://bankless.cc/coinbase-one-card 📊BITGET | TOKENIZED STOCKS 2.0 https://bankless.cc/bitget-stocks 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless --- TIMESTAMPS Intro 0:00 0:09 Ethereum’s Staking Debate 2:41 Stani’s First Reaction 7:48 Mike’s Centralization Concerns 14:37 DeFi Under Pressure 17:15 Stani on Yield and Cash Flow 24:54 The Case for Vanilla Ether 27:20 Mike Pushes Back 34:27 Issuance and Monetary Policy 35:16 Minimum Viable Issuance 40:47 Institutions Need Predictability 46:10 Conservative Yield, Not Zero 47:46 Legitimacy and Process 52:54 Final Verdict on the EIP --- RESOURCES Stani Kulechov https://x.com/StaniKulechov Mike Silagadze https://x.com/MikeSilagadze --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures