Just finished tidying up the desk and found that old alarm clock, which reminded me of the recent blockchain game pools: they produce outputs like an alarm ringing regularly, and coins pour out in a rush, but the consumption side can't keep up. When inflation kicks in, the pool looks lively but is actually leaking. To put it simply, everyone is waiting for the "next wave of people to come in," and if new additions slow down, selling pressure pushes the returns down to the ground, and eventually even people doing tasks get lazy to click.

Recently, retail investors are complaining again about validator income, MEV, and unfair ordering. I can understand... In blockchain games, it's more straightforward: if the rules are slightly biased, the profits are "eaten clean" by a few paths, and the rest can only accelerate their exit. Anyway, when I look at these projects now, I focus first on the inflation rhythm and real consumption; otherwise, even the most attractive APY is just like an alarm ringing for two days.