Viewpoint: The price increase in this cycle is influenced more by external factors such as macro, ETF, policies, etc

According to a report by Golden Finance, according to a chart released by @ cmdefi, Uniswap's TVL trend is approaching its peak level of 60% at this stage. As the current ETH price is close to the 2021 price, there are still some things that can be seen through the data, as well as where it can go in the future: On DEX, most of the native assets on the chain are traded in ETH pairs. 2021 is a period of great prosperity for on chain applications, and the wave of asset issuances has brought a large number of ETH trading pairs, which is significantly different from this cycle. Although the ETH price has returned to 2021, the market trend is clearly not driven by on chain adoption. During this cycle, activities such as asset issuance and liquidity creation on the chain have significantly decreased, which has been indirectly verified by TVL data. The price increase in this cycle is influenced by more external factors such as macro, ETF, policies, etc. The establishment of strategic reserves by DAT company is the main driving force. If the next step is to promote the return of funds to the chain and carry out extensive application innovation on the existing basis, the driving force for the entire market to move forward will be more diversified, and the market is likely to reach a higher level. This is probably the key factor for how high the future market can go.