Recently, when I look at a few blockchain game pools, it feels like the same routine as a milk tea shop at the entrance to the residential area: at first, they aggressively give out coupons, and everyone queues up; later, they issue coupons every day, but the shop’s cup-making speed can’t keep up, so the coupons end up as just “paper hype”; in the end, everyone realizes they can’t redeem anything meaningful, turns around, and leaves. To put it plainly, it’s inflation moving too fast and the output too flimsy—the real value people can share in the pool doesn’t change, but the denominator keeps getting bigger and bigger.

Now when I look at blockchain games, I don’t really believe in “talent-based gameplay”; I trust habit instead: how much real consumption/fees/buy-side order flow is there every day, and can it consistently cover the rewards over the long run. With this round of upgrades in mainstream public chains, everyone is guessing whether projects will migrate before and after—the way I see it, whether they migrate or not doesn’t really matter. If an economic model can only be kept alive by continuously printing more, then switching to another chain is just changing cups to pour the same water. For now, that’s it—I’ll keep watching the data.