Lately, looking at the economic models of blockchain games, it increasingly feels like opening a water faucet: output is maximized first, but the small demand in the pool simply can't keep up. When inflation kicks in, everyone is left only with "let's withdraw the coins today." Honestly, it's not that no one is playing; it's that everyone is forced into work-like grinding. In the end, the thinner the liquidity, the more fragile it becomes—any slight breeze or disturbance causes it to collapse.

These days, the wave of AI Agents and automated trading also feels similar: some are responsible for promoting narratives, while others focus on digging into on-chain interactions and permission boundaries. Blockchain games are the same—narratives can attract traffic, but if security and recycling mechanisms aren't solid, higher output means faster death.

What I fear most isn't slowness but chaos—slowness can still be reviewed and iterated, but chaos means different curves fighting each other, and in the end, only new money can fill the old gaps. Anyway, when I look at projects now, I focus first on "where does the output come from, where does it go back to," and everything else comes later.