Just woke up and checked a few pools in the blockchain game, and it still feels like the same old problem: production is too aggressive, inflation is like opening the floodgates, a few days ago the APR looked pretty attractive, but then the rewards kept pouring in, causing the floor price to soften, and in the end, it’s just “mining and selling, fighting each other.” To put it simply, the pools can only survive on a closed loop of new entries and consumption of goods; otherwise, they’re just overdrawing the enthusiasm of future players. Recently, someone also linked ETF capital flows, US stock risk appetite, and crypto price swings… That’s fine, but when the blockchain game pools collapse, it’s really nothing to do with macro factors; more often, it’s because their economic models leaked first. Anyway, I’m just sitting here watching the distribution of holdings and the floor price elasticity, and I only dare to pick up some marginal scraps when I get the itch.