From the TVL trend of Uniswap, it is currently close to the peak level of 60%. Since the current ETH price is near the 2021 price, we can still glean some insights from the data about where the market might head: On DEXs, most 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 issuance leading to a large number of ETH trading pairs, which is clearly 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 decreased, which is corroborated by the TVL data. The price increase in this cycle is more influenced by external factors (macro, ETFs, policies, etc.). With the establishment of strategic reserves by DAT company as the main force, if the next step can drive funds back onto the chain and facilitate a large number of application innovations based on the existing foundation, the momentum for the entire market's advancement 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.