Washington, D.C. - Several Ethereum-based DeFi tokens experienced significant price increases following signals from the Securities and Exchange Commission (SEC). This positive shift suggests a potential move towards greater accommodation of the DeFi sector.
Ethereum's price rose to approximately $2,700, marking a 7.2% increase. Uniswap, Aave, and Sky saw gains of 23%, 16%, and 15% respectively, reaching $8, $305, and $0.90.
SEC Chairman Paul Atkins announced the agency is working on an "innovation exemption" and rule changes to support on-chain financial systems during a DeFi-focused roundtable on Monday. Atkins emphasized the importance of economic liberty and innovation within the DeFi movement.
Uniswap, Aave, and Sky governance tokens allow holders to participate in project direction. Aave, a decentralized lending protocol, currently holds around $26.166 billion in assets, reaching an all-time high.
Uniswap, a decentralized exchange, operates across 36 blockchains, with $3.5 billion of its $5 billion assets on Ethereum. In May, Uniswap facilitated $92 billion in trading volume. Sky Protocol, formerly Maker, holds $5.3 billion in assets.
According to Danny Nelson, trading volumes among Ethereum-based governance tokens were "unusually heavy." He noted the rally is providing traders with more collateral.
Seth Oranburg suggests that legislation like the Clarity Act could further drive participation in DeFi. He anticipates an explosion in the use of these tokens.