Lately, I've been looking at the narrative of blockchain games where "the pool gets more and more attractive." Basically, it's just inflation plus output supporting it: releasing a bunch of tokens daily as rewards, with a shiny APR, but the actual consumption can't keep up, and when selling pressure hits, the pool collapses immediately. What's even more amusing is that people talk about mechanisms, but in practice, everyone is just calculating when they can run faster than others... I even look at liquidation charts and feel this sentiment is quite similar to leveraged trading, just with a different disguise.

People are still using ETF capital flows and U.S. stock risk appetite to explain crypto price movements, which makes some sense, but for endogenous inflation in blockchain games, no matter how macro you talk, you can't solve the math problem of "output > demand." Next time, I might focus first on "who is actually paying on the consumption side" before considering whether to participate. Which aspect do you think blockchain games will prioritize first?