According to the chart released by @cmdefi, looking at the TVL trend of Uniswap, it is close to the peak level of 60% at this stage, because the current ETH price is close to the 2021 price, so we can still see some things through the data, and where the market outlook can go.
On the DEX, most of the native assets on the chain are traded in ETH, and 2021 is the boom period for on-chain applications. The wave of asset issuance has brought a large number of ETH trading pairs, which is significantly different from this cycle.
Although the ETH price has returned to 2021, it is clear that the market is not driven by on-chain adoption. Activity such as asset issuance and liquidity creation on the chain has declined significantly in this cycle, and TVL data has been side-verified.
The price increase in this cycle is influenced by more external factors (macro, ETF, policy, etc.). With DAT's establishment of strategic reserves as the main force, if the next step can promote the return of funds to the chain and a large number of application innovations on the existing basis, the driving force of the entire market will be more diversified, and the market is likely to rise to a higher level. This is probably the key factor for how high the market outlook can go.
Opinion: This round of price increases is influenced by external factors (macro, ETF, policy, etc.)
2025-08-11 06:22:35
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