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Diverging Paths. Ether (ETH) has been on a tear since August 2020 with a year-to-date return of more than 360%, largely driven by the explosive popularity of DeFi. The proportion of circulating ETH supply accumulating in smart contracts has far eclipsed the amount of ETH held in centralized exchanges at 22.8%, indicating significant market demand for DeFi-related products. It is evident that the interest in DeFi has not waned, as the gap between both measures continues to widen in greater magnitude.