Lately, checking blockchain game data has been a bit exhausting, but I can't help but look... To be honest, many pools are collapsing not because of some mysterious reason, but because inflation is too fierce and there's nowhere for the output to go. Everyone claims a bunch of tokens daily, and the only "use" is to keep pouring them back into pools or selling them directly. The pools look lively, but in reality, they're just using new tokens to fill old debts; the water level will eventually drop.

New L1/L2 incentives boost TVL, and old users complain about "mining, selling, and dumping." I can understand that—if mechanisms don't change, it's just a different shell for the same flow. Anyway, what I care more about now is whether the output has real demand to take over, and whether the consumption scenarios are solid. Otherwise, no matter how high the APR, it's like a seawater bubble—rising for a while and then bursting. That's all for now; I'll watch the tides slowly.