Lately I've been looking at a few blockchain game pools again. To be honest, what often drags them down isn't "nobody playing," but rather inflation + output going crazy together: the game produces a bunch of coins every day, players withdraw and sell, and the assets on the other side of the pool can't keep up with absorption. When the price softens, impermanent loss immediately teaches LPs a lesson.

Even with high fees, it can't withstand continuous unilateral selling pressure, and stopping incentives can directly cut off the flow.

By the way, when the main public chain is about to upgrade/maintain, everyone in the group is guessing whether the ecosystem will migrate. I think it doesn't really matter whether they migrate or not; as long as the output model of blockchain games isn't tightened, switching chains is just moving "chronic bleeding" elsewhere...
Now, before I enter a pool, I first assume the coin price might drop by half and see if it can still hold up. After calculating, if I find it's unlikely, I just give up. Earning a little less is better than being pressed to the ground and rubbed by impermanent loss again. It’s really a bit frustrating.