Recently, I watched another blockchain game pool slowly collapse. It’s really not because “there aren’t enough people,” but because the output is too easy to get: every day, a bunch of rewards are given out, and everyone’s first reaction isn’t “keep playing,” but “sell quickly to recover funds”… As more people sell, there’s less and less stuff in the pool that can support the price, leaving newcomers only with the experience of taking over the position. Basically, it’s using inflation as salary, and in the end, all that’s left is the paycheck.

What’s even more funny is that new L1/L2 projects launch incentives to boost TVL, and veteran users are complaining again about “mining, withdrawing, and selling.” This pattern in blockchain games is the same: mine and then withdraw, leaving the data looking pretty good, but people’s trust is becoming more and more shaky. Anyway, when I see “high output” now, I don’t get excited first. I just calculate whether I can run through the low-fee window… otherwise, it’s another lesson learned from buying in.