Recently I looked at another blockchain gaming pool, and it really feels similar to the NFT secondary market back then—“lively right up until it all ends in a total mess.” Put simply, the emissions are set too high, and inflation is pushing forward. A few days ago, the APY looked ridiculously juicy, but later on it’s just that the more coins get mined, the more people sell them; the pool’s little amount of actual capital can’t withstand it at all. Liquidity gets drained like it’s been sucked out with a vacuum, and the rewards turn into fuel for speeding up the escape.

What’s even more awkward is that everyone says “playing the game” but what they’re holding in their hands is basically the payback period calculation. Once the exit route gets blocked, they start trampling on each other. As for Layer 2 right now, they’re still arguing about TPS, fees, and who has the stronger subsidies… and the stronger the subsidies, the more I have to ask: after the subsidies stop, will there be players left—or just miners? Anyway, for now I’m just watching whether I can exit smoothly, so I don’t become another textbook example.