@Catherine120221 ETH rallied significantly through 2023 — DeFi TVL remained depressed for most of it. Price and ecosystem activity diverged for over a year.
@Catherine120221 High gas fees kill DeFi participation, not fuel it.When ETH price rises, gas fees (denominated in ETH) become more expensive in USD terms. Retail users get priced out first — exactly the opposite of a recovery signal. The 2021 bull run saw gas regularly spike to $100–$200 trans.