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From the TVL trend of a certain DEX, it is currently approaching the 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 might head in the future:
On the DEX, 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 bringing a large number of ETH trading pairs, which is significantly different from this cycle.