It's past 5 a.m., and I got up to check the on-chain data, and I also looked at a blockchain game pool. It feels like the same old story: production is too aggressive, inflation is like opening the floodgates, at first everyone is shouting "quick return," but after a couple of weeks, it turns into "the more you mine, the less valuable it becomes." Basically, the pool only has that much real demand, but the rewards keep printing, so selling pressure naturally piles up, and in the end, it can only rely on new players to keep the hype going... Once the flow stops, it collapses.

Recently, everyone has been fixated on staking unlocks and token unlock schedules, anxious about selling pressure. But actually, blockchain games are more straightforward: the tokens you produce every day are like daily small unlocks. If project teams don’t dare to tighten production or provide consumption scenarios (that can be burned, used, or retained), no matter how good the narrative, it won’t hold up. Anyway, when I see "high output," my first reaction isn’t to rush, but to ask: what’s the point of this thing keeping tokens in the pool?