Recently, I saw someone hype up the "production pool" of blockchain games as a printing press, essentially an illusion of inflation. Tokens keep being issued, demand hasn't kept up, the pool looks lively, but in reality, everyone is just lining up to grab the last bit of soup. Increasing issuance = increasing selling pressure, not increasing = no one comes. In the end, it all boils down to one question: who will take over.

What's even more amusing is that large on-chain transfers and hot wallets on exchanges are interpreted as smart money entering the market. To me, it looks like a raincoat: it can block the wind but can't prevent liquidation. For these pools in blockchain games, the real risk parameter isn't APY, but whether you can withdraw before inflation empties the floor.