Recently, I’ve been watching a few blockchain game pools, and it feels like the routines are all pretty similar: the initial output is very satisfying, then inflation opens the floodgates, and the rewards are coming out faster than new money coming in. The small amount of liquidity in the pool is gradually diluted until it’s exhausted... To put it simply, it’s not that there’s “no heat,” but that the ledger is printing tickets every day, and who still wants to hold onto it long-term?

Now everyone is comparing RWA, US bond yields, and on-chain yield products, and I can understand that. At least their yield sources sound more like “real cash flow,” not relying on continuously recruiting new people to keep it going. If blockchain game outputs aren’t tightly linked to consumption (gear, tickets, upgrades), then in the end, it can only rely on emotions to sustain itself.

By the way, when I say “long-term,” I usually think in terms of quarters in the crypto world. Three months is enough to cycle through inflation and cool down the hype, and you can basically see whether the pool can self-sustain or only relies on subsidies. Anyway, I prefer to take it slow now and see when the tide will recede.