I think there’s still room for short-term growth in DeFi prices.

Differently from what we saw during the frenzy of Sep 2020, we have not yet degenerated into a bunch of copy-pasta products with zero utility. NFT market also not completely irrational, and that was the canary in the coal mine last time.

I’m sure we degenerate into that once the prices get out of hand, but my current impression is that we have fuel to go higher than the previous top.

Prices in ETH and BTC are still depressed and much innovation happened since.

My current assumption is that we may see a sequence of growth spurts, just like Bitcoin’s pattern of fractal bubbles.

DeFi may grow in this sequence of bubbles throughout this cycle, forming higher lows every time — until the macro crypto cycle unravels