Recently, I've been looking at the "play-to-earn while playing" model in blockchain games, which is basically hiding inflation inside candy coating. In the early stages, they produce a bunch of tokens, and the pools look lively, but it's really just pouring water out constantly, hoping new players will fill the gaps. When selling pressure increases and the token price drops, they boost rewards to keep people around, then inflation accelerates even more, and the cycle begins to self-destruct in a hype-driven collapse.

Right now, I’m really just watching the concentration of holdings; if the top ten addresses hold tightly like a cat ball, I wouldn’t dare touch it even if the yield looks attractive. Recently, before and after the upgrade of that mainstream public chain, everyone in the group has been guessing whether projects will migrate. I actually think it doesn’t matter whether they migrate or not; the economic model is flawed, and moving is just changing the strainer through which the leaks happen. Anyway, don’t treat the "return-to-investment cycle" as a belief; blockchain games are best at turning your time and principal into fuel.