Late at night, I keep scrolling through the same blockchain game pools, and the more I look, the more uneasy I feel. Put bluntly, the output is just too “smooth”: every day it steadily spits out tokens / spits out items, and the demand side depends entirely on new players coming in to take the bag. Once inflation kicks off, token prices and the floor all collapse together. TVL looks fine, but it’s really just an illusion—people haven’t fully left yet.

What’s most deadly is that everyone is focused on “how much you can mine today,” and no one is watching “who will buy tomorrow.” I treat simplicity as a trap: high yields that are easy to understand are probably just a slow, chronic bloodletting.

On the side, I also thought about the recent NFT royalty drama—creators want to take more, the market wants to sell better… but when liquidity is poor, in the end everyone feels bad. Blockchain games are the same. Anyway, I’d rather have a bit less right now—at least when I exit, I won’t get stuck as the last one holding the bag.