Over the past couple of days, I’ve been listening to people in the group chat talk about the economics of blockchain games, and it feels like one of those old radio songs stuck on repeat for way too long: production just keeps ramping up, but there are no new listeners at the entrance, and the little liquidity in the pool gets drained little by little. To put it plainly, inflation isn’t scary—what’s scary is that tokens get issued faster than they’re used up. Everyone jokes about “play and earn while you’re at it,” but in practice, they’re all quietly calculating when they’re going to pull out. Oh, and once the rumor about stablecoin regulation/reserve audits “de-pegging” gets forwarded, the mood instantly flips from “keep grinding” to “bring it up first,” and the pool gets even emptier faster… Personally, I trust the data more: at least on-chain you can see inflows, outflows, and retention, while intuition is just too easy to get swept along by the crowd’s sentiments. That’s it for now—waiting for the next song.