Recently, I came across another blockchain game pool. The K-line looks decent, but when I pull data on-chain, it’s awkward: it’s constantly producing fixed outputs every day, but the new entrants and funds can’t keep up. The actual inflow (buy-ins/fees) in the pool can’t cover the selling pressure at all. The result is inflation feeding itself and eventually collapsing under its own weight. To put it simply, the more frequently rewards are distributed, the sooner everyone learns to “collect and run,” and liquidity is like being continuously drained by a water pump.

I used to always say “I only look at on-chain data,” thinking that sentiment was just noise… but I later realized that’s not entirely correct. With the ongoing debates about compliance, privacy coins, and mixing, on-chain data suddenly distorts: some people transfer assets early, others just stop moving, and the perceived liquidity of the pool instantly thins out. Anyway, now I scan both sides: on-chain to spot leaks, and sentiment to see when someone might flip the bucket. That’s all for now.