Demex Daily #93: Ethereum Nears $3K on ETF Hopes and Upcoming Dencun Upgrade Boost

What’s Interesting Today:

The price of Ethereum (ETH) approached $3,000 on February 19, buoyed by optimism for the forthcoming Dencun upgrade and the potential approval of a spot ETH exchange-traded fund (ETF) within the year, as forecasted by analysts at Bernstein. This anticipation led to a notable 4.12% increase in ETH's price within 24 hours, surpassing the gains of both Bitcoin and the broader cryptocurrency market. The Dencun upgrade, expected to introduce proto-danksharding to enhance transaction efficiency and scalability, alongside the speculative approval of an ETH ETF, which could significantly influence market dynamics and investor sentiment, are key factors driving Ethereum's current upward trajectory.


Aave is proposing a $5M quarterly "Merit" incentives program to boost its platform's adoption, rewarding actions that support its strategic goals with WETH and GHO stablecoin. The program focuses on users engaging in specific borrowing and staking activities, with bonuses for governance participation and migrating from competitors, but penalizes rapid airdrop selling and non-participation in governance. Currently aimed at Aave's v3 on Ethereum, the proposal has sparked debate, especially around the potential impact on GHO's price and interactions with rival platforms. Aave plans to refine and vote on the proposal after gathering community feedback.