Lately, I’ve been watching a few blockchain game pools, and it’s really starting to make me anxious… At first, the output was so aggressive—everyone rushed in to dig—so the tokens quickly swelled to the point of overflowing. Once the price softens, the pool depth is thin again, and slippage just smears your face. To put it simply: inflation isn’t about “issuing more to users.” It’s that you keep letting selling pressure grind on the pool, while the bots specifically pick the moment you place your order—then suck you up right then.

Then the project team adds some incentives to try to extend things, but it’s more like pouring water into a leaking bucket: the higher the output, the more often they dump, the more illusory the liquidity becomes, and in the end you’re left with a bunch of “APR looks great, but the moment you sell, it collapses.”
Over the past couple of days, some people have also used ETF capital flows and the U.S. stock market’s risk appetite to explain every rise and fall—I can see it, but for small pools like these in blockchain games, more often than not it’s still their own internal damage. No matter how strong the wind outside blows, it can’t blow depth out of them. Anyway, I’d rather split my orders more slowly now than go head-to-head with those thin pools… As for which part is the most deadly, what do you think?