Traders are anticipating the approval of a spot Ethereum ETF, with Bloomberg Intelligence analyst Eirc Balchunas raising his chances of the Securities and Exchange Commission approving the products to 75% from 25% on Monday.
The excitement has spurred a spike of activity on the network, with trade volume reaching over $3.3 billion on Monday, the most significant since April 13, and a 157% rise over the previous day.
DeFi Metrics Spikes Amid Ethereum ETF Approval
Uniswap, the largest decentralized exchange on the network in terms of trading volume and total value of crypto assets deposited, saw its volume quadruple on Monday from Sunday to $2.3 billion.
Similarly, trading on Curve Finance, the second-largest decentralized exchange, increased to $576 million on Monday from the previous day.
On Lido, a liquid staking platform, and EigenLayer, a restaking platform, the total value of crypto assets deposited increased by 21.6% and 22.7%, respectively.
Total value locked, or TVL increases and reductions, often reflect the price of Ethereum (ETH), as Ether makes up a large amount of the TVL in Ethereum-based staking and restacking protocols. Thus, when the price of Ether grows, so does the dollar worth of the assets locked in these protocols.
However, regarding fresh inflows and outflows, Lido saw around $116 million worth of Ether abandon the protocol. In comparison, EigenLayer profited from $37 million in new deposits.
Overall, the total amount of crypto assets deposited in Ethereum protocols hit $64.7 billion on Monday, the most significant since May 7, 2022.
Looking at both volumes on the Telegram messaging app, a rough proxy for meme coin trade, Ethereum had its most significant volume day since April 24 on Monday, with $26.5 million in traffic.