DeFi
Ethereum ETF Optimism Sends DeFi Metrics Soaring – DL News
- Increased optimism about the approval of Ethereum spot ETFs is driving users back to Ethereum.
- Ethereum traders generated over $3.3 billion in volume on Monday, the highest since April 13.
- The total value of assets deposited in Ethereum protocols has reached its highest levels since May 7, 2022.
Traders appear to be expecting approval of an Ethereum spot exchange-traded fund, after Bloomberg Intelligence analyst Eirc Balchunas increased his chances that the Securities and Exchange Commission would green-light the products. 75% of 25% Monday.
The optimism fueled an increase in activity on the Ethereum network as Ethereum trading volume soared. $3.3 billion Monday, the highest level since April 13 and an increase of 157% compared to the day before.
Uniswap, the leading decentralized exchange on Ethereum in terms of trading volume and total value of crypto assets deposited, saw its volume double from Sunday to $2.3 billion.
Similarly, on Curve Finance, the second largest decentralized exchange, volume doubled to $576 million Monday from the day before.
On the Lido, a liquid staking platform, and EigenLayer, a reprise platform, the total value of crypto assets deposited increased by 21.6% And 22.7% respectively.
Increases or decreases in total value locked, or TVL, generally follow the price of Ether, as much of the TVL in Ethereum-based staking and staking protocols is comprised of Ether. So, as the price of Ether increases, the monetary value of the assets locked in these protocols increases.
However, when examining the new entrances and exits, the Lido found approximately $116 million of Ether leaves the protocol, while EigenLayer benefited from $37 million in new deposits.
Overall, the total value of crypto assets deposited into Ethereum protocols has reached $64.7 billion Monday, its highest level since May 7, 2022.
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Total value locked in DeFi protocols on Ethereum
Looking at the volumes generated by bots on the Telegram messaging appa rough indicator of memecoin trading, Ethereum marked its highest volume day since April 24 on Monday, generating $26.5 million in volume.
THE average transaction fees on Ethereum, which hit its lowest level of the year at $1.70 on Saturday, climbed to $6.69 on Monday, a three-fold increase.
Further underscoring the excitement around the Ethereum ecosystem, seven of the top 10 protocols by revenue generated are mainly based on Ethereum in the last 24 hours.
Ethereum saw its biggest daily gain in the dollar on Monday, jumping $585. The momentum carried over into Tuesday, with Ethereum recently rising 3.2% to $3,777.
Adding to this optimistic outlook, the SEC indicated on Tuesday that it is leaning toward approving Ether spot ETFs, according to a Barrons report. A decision from the regulator is expected to be made on Thursday.
Ryan Celaj is a data correspondent at DL News. Do you have any advice? Send him an email to ryan@dlnews.com.