Lately, the rhythm of blockchain game pools collapsing is quite clear: production is coming out too rapidly, consumption can't keep up, and inflation kicks in. Everyone shifts from "playing" to "racing ahead." Early on, there was new money backing it, but later it’s just selling pressure stepping on each other. The pool still looks like it’s there, but in reality, liquidity has already gone hollow. To put it simply, you first need to ask "Where does the coin come from, and who ultimately takes it away?" Don’t be fooled by screenshots of daily active users or TVL.

By the way, recently someone complained that on-chain data tools and label systems are lagging and can still be misleading… I now trust capital flow and unlocking rhythms more. Labels are just for a rough idea; relying on them too much can easily lead you astray.

If you can only keep one habit, it’s this: clearly identify who issues the output, who buys the consumption, and who sells when exiting. Anyway, don’t just be an onlooker.