Lately, watching the collapse of blockchain game pools, it’s like a song that suddenly goes off-key halfway through: at first, they lure people in with high yields, then once inflation kicks in, the output turns into a rain of sell-offs. Basically, the more frequently tokens are issued, the more fragile the mentality becomes, and everyone is waiting for “me to sell first and not be the last to hold the bag.” When project teams add some “consumption scenarios,” it’s mostly just using new rewards to patch old holes.

These days, the “compound yield” from staking and shared security has been criticized as a Ponzi scheme, and I can understand why everyone is cautious: no matter how sophisticated the packaging, if the cash flow mainly comes from new enthusiasm, it will eventually cool down. Anyway, when I look at blockchain games now, I focus on who’s paying for the output and how inflation is being managed; otherwise, even with lower transaction fees, it’s just speeding up the process of driving people to the exit.