According to a report by Golden Finance and a chart released by @cmdefi, the current TVL trend of Uniswap is approaching a peak level of 60%. Since the current ETH price is close to the price in 2021, some insights can still be gleaned from the data, as well as where the market may head next: On the DEX, the majority of on-chain native assets are traded against ETH. The year 2021 was a period of great prosperity for on-chain applications, with a wave of asset issuances bringing a large number of ETH trading pairs, which is significantly different from this cycle. Although the ETH price has returned to 2021 levels, the market is clearly not driven by on-chain adoption. In this cycle, activities such as asset issuance and liquidity creation on-chain have significantly declined, which is indirectly verified by TVL data. The price increase during this cycle is mainly driven by external factors (macro, ETF, policies, etc.) and the establishment of strategic reserves by DAT Company. If the next step can drive funds back onto the chain and facilitate a significant amount of application innovation based on the existing foundation, the overall market's momentum will become more diversified, and the market is likely to reach a new level. This is probably the key factor in how high the market can go in the future.