--Reviewing the reasons for ETH's several increases:

1. ETH was boosted in 2017 because of ICO, and ETH was needed for new listings

2. DeFi boosted ETH in 2021, and at least half of the people who formed LPs had to use ETH

--Will there be a DeFi summer this time?

The three standard sets, such as dex, have a clear psychological expectation of its valuation benchmarking public chains (1%-3%), as well as lending and stablecoins, as well as the later prep, ve33 model, restaking, etc.

When these public chains and infrastructure are repeatedly reinvented, it may be difficult to have alpha opportunities, so the public chain is beta, and defi is likely to be high beta

--Of course, defi will also explode, probably in the middle and late stages of the bull market, for the following reasons:

1. Changes in fundamentals, growth in tvl, and increased protocol revenue

2. In the state of widespread rise, everyone will look for currencies lying at the bottom, etc.

Looking at the rise of sol, it is not based on defi, but partly because of the prosperity of the meme ecosystem, and the prosperity of the meme ecosystem has brought everyone to buy sol to fight the earth dog!

So what summer might be next?