During my lunch break, I went back to check a few blockchain game pools again, and it feels like the playbook is pretty much the same: in the early stage, the rewards are pushed really hard, and the output depends entirely on issuing new coins. Players collect and sell at the same time. The TVL looks decent, but the capital flow is actually running out. Put simply, inflation isn’t being picked up by demand, so the pools turn into a “who can run faster” competition. The more subsidies there are, the more hollow it becomes. In the end, once liquidity gets pulled, everything collapses.

Recently, there have also been news about certain regions raising taxes and tightening compliance while then loosening it again. Once expectations for in- and out-flows change, people are even more willing to hold stablecoins and wait. Blockchain games like this, with high turnover, are even more likely to be drained.

Next time, I might care more about whether there are real consumption scenarios and the lock-up structure. Otherwise, I’d rather not touch it… When you look at blockchain game pools now, which data do you look at first?