ETH recently reached a new ATH. USD TVL is at ATH as well. The "corporations" seem to buy ETH "at any price" -- "because ETH is second after Bitcoin", I guess. Gas goes higher as well, both in USD and Wei terms.
I think in DeFi game the players who'd staked their shit against ETH are already locked in "impermanent loss", and I think some of them are locked there forever.
Now the question is who will be buying all that DeFi-ish shit at insane prices with insane commissions?
Before it was easy: you buy some ETH-based shit, stake it in some DeFi-ish shit to earn more of the same shit (which is baked by your DeFi-ish shit's owners at the speed of light), and sell it all off at a higher price to the next FOMO-ing guy.
Now that next guy needs a whole shitload of money to buy your shit at a higher price. Will the "corporations" want to do it?
For quite some time already all ETH-based "liquidity mining" and "yield farming" has been looking pretty much like a big Ponzi. If ETH reaches $2K (or $5K, $10K, whatever), we will probably see what exactly it really is.
Posted Using LeoFinance Beta