It feels like those "play-to-earn" pools in blockchain games, in the end, are not mainly being hacked, but are being dragged down by inflation itself... It's not that they will definitely fail, just a matter of time. When production accelerates, everyone's first reaction is to sell, and if the pool isn't deep enough, slippage explodes; project teams try to stabilize by adding subsidies and rewards, but it just seems like adding fuel to the fire, increasing inflation more and more, and the more inflation there is, the less people dare to participate. When liquidity runs out, it gets even thinner, and once the cycle starts turning, it can't be stopped.

Honestly, these pools are not "value pools," but more like "queueing to sell pools," where latecomers always receive the output of those who entered earlier. Recently, the NFT royalty war also looks quite similar—everyone wants to earn more, but when secondary liquidity tightens, transactions freeze up, and creators may not even really earn much. Anyway, whenever I see high yields, I first treat it as an alarm: reminding myself not to be greedy, and to check whether the pool is solid before considering it.