You meant just like ICO pumping Ethereum and I think also Bitcoin.
IMO, yes, there is a connection.
Usage.
Instead of getting merchants, we got ICO and DeFi.

They make coins to be bought in Bitcoin and Ethereum and that helps a lot to boost circulation.
Investors buying, coins pumping. DeFi projects will sell it to continue their project, coins dumping.
Somehow it makes a healthy industry.