Top 10 Cryptos Set to Gain from Ethereum ETF Approval

The crypto market appears to be on the verge of a bull run, with excitement spreading quickly across the industry. There are many factors contributing to this sentiment, including growing positive sentiment, more integration into the traditional financial system, and the introduction of new assets like the Ethereum ETF.

The crypto market appears to be on the verge of a bull run, with excitement spreading quickly across the industry. There are many factors contributing to this sentiment, including growing positive sentiment, more integration into the traditional financial system, and the introduction of new assets like the Ethereum ETF.

The Ethereum ETF approval will increase demand for the world's largest and most popular Dapp ecosystem. ETFs are the ideal solution for institutional investors seeking to gain access to the crypto market without the risk of future regulatory biteback. As such, they are seen as a valuable addition by large fund managers who are desperate to accommodate the growing demand for crypto market exposure.

The recent approval of Bitcoin ETFs has created high demand for Bitcoin as these funds seek to purchase the asset to back their actions. Already, Bitcoin ETF funds have begun to purchase and hold 2X the amount of Bitcoin created daily, leading many analysts to predict future gains.

The same situation is apparent with the pending Ethereum ETF. Ethereum is a massive ecosystem that supports thousands of dapps, tokens, and networks. Demand created for the ETF has the potential to shift the landscape of the market and create a scenario where Ethereum surpasses Bitcoin's market dominance.

Here are the top 10 cryptos set to gain from Ethereum ETF approval.

1. Ethereum (ETH)

Ethereum will gain much from the ETF approval. The network provides the infrastructure for thousands of applications and networks. Over the years, Ethereum has grown from an L1 blockchain with few dapps to a massive ecosystem. Notably, this growth wasn’t without struggles, including heavy congestion, high fees, and SEC run-ins.

Thankfully, Ethereum has managed to stay ahead of these issues and continues to provide innovative blockchain solutions to the market. The network's ETH2.0 upgrade helped to reduce congestion, fees, and power consumption by eliminating the PoW consensus mechanism in favor of a PoS (Proof-of-Stake) option.

Ethereum will see heavy demand as ETF fund providers will require this token to back their offerings. This demand will increase the value of Ethereum and entice even more projects to its blockchain and L2 supporters. All of these factors make ETH a smart buy-and-hold for traders seeking future gains.

2. Uniswap (UNI)

Another token that many analysts predict will see increased demand following an ETF approval is Uniswap. Uniswap launched in 2018 against a backdrop of CEX (Centralized Exchange) competition. Its founder, Hayden Adams, wanted to create a fully functional decentralized trading protocol that could help solve many of the problems that CEXs brought to the market, including gatekeeping, high fees, and lack of selection.

Uniswap is an innovative AMM (Automated Market Maker) that eliminates the need for an order book. Instead, it leverages smart contracts to link traders and buyers autonomously. This approach enables decentralized P2P trading without the need to have a centralized pricing book.

This pioneering DeFi platform was the first DEX to launch and gain popularity within the Ethereum ecosystem. As such, it quickly grew to be the largest DEX in operations alongside the growth of Ethereum. Notably, it was the first DEX to introduce open liquidity pools to the market. Those pools enabled projects to gain direct access to public funds without having to undergo the intense approval processes that CEXs require.

This open approach allowed Ethereum developers to create and fund innovative concepts that have since reshaped the entire DeFi sector. Additionally, the network has serious backing including Ric Burton, Andreessen Horowitz, Paradigm Venture Capital, Union Square Ventures LLC, and ParaFi. All of these factors position Uniswap for success moving forward.

3. Polygon (MATIC)

Polygon entered the market in 2017 as MATIC. The platform was unique at the time for many reasons, including being among the first to integrate Zero-Knowledge (ZK) technology. This technology improves scalability and privacy while lowering users' costs. In 2021, MATIC rebranded to Polygon.

Polygon offers high programmability and scalability to enterprise-level clientele. The network is fully ERC-compatible and provides developers with a secure alternative. It supports advanced DeFi and Dapp smart contract deployment and offers a full suite of development tools to users.

Polygon has some major upgrades in the works and is backed by some huge firms including Sequoia Capital India, Tiger Global, and Softbank Vision Fund. The approval of an Ethereum ETF would boost demand for Polygon's services across the business sector where it provides a reliable way for businesses to create complex purpose-built Dapps that make a difference.

4. Synthetix (SNX)

Synthetix entered the market in 2017. It was created by Kain Warwick under his pseudonym Haven (HAV) as a new form of DEX and asset creation option. The DEX offers a variety of features that make it easy to create and trade tokens with others. Notably, Synthetic introduces a streamlined way to create synthetic assets that live on the Ethereum blockchain.

Users can