Lately, when revisiting old audits and post-mortems for chain games, I keep ending up at the same dead-end: the pool looks lively, but it’s really just “printing + selling” feeding each other. When production is too smooth, once inflation kicks in and the coin price starts to weaken, players go from “yield farming” to “evacuating”—and TVL drops faster than people’s moods. What’s even more ridiculous is that many projects still treat “high yield” as a selling point; anyway, after the attention-cycle from the recent meme and celebrity shilling, newcomers are the most likely to rush in and become the last batch… no matter how much veteran players try to warn them, they can’t talk them out of it.

I think “simplicity” is the trap. When I see a one-liner like “returns are stable, just mess around,” my first reaction isn’t excitement—I go check where the yield comes from, who’s taking the other side, and whether exiting requires queuing. Same old saying: degen is fine, but don’t treat yourself like a liquidity charity.