Recently, I’ve been looking at that economic model from chain games again—the more I look at it, the more it feels like watching a swimming ring that leaks air by itself: the output side is constantly accelerating coin issuance, while the consumption side only has a few entry points (gacha, repairing gear, synthesis, and the like). When more people show up, it turns into “who sells first gets to survive.” The TVL in the pool looks fine, but in reality, liquidity is being diluted by inflation, like stretching it with water. The most awkward part is that everyone says they’re “playing games,” but in their hands they’re all calculating the payback cycle. Once the output exceeds real demand, the rest is just passing bags to each other. Anyway, every time I look at the capital flow chart, I feel my stomach drop—but I still can’t stop staring at it.

What’s even more ridiculous is that lately, they’ve been comparing RWA, U.S. bond yields, and on-chain yield products. Once you put that little “yield” from chain games next to them, what can I say… are you actually collecting interest, or are you just being handed the courage to be the last one to run away later?

That’s it for now.