Recently, several blockchain game pools have started to "collapse daily" again. Honestly, it's still the same story of inflation plus output killing themselves: giving out unlimited tokens as rewards every day, players' output can only be dumped into the pool to take over, and the real new funds in the pool can't keep up. Liquidity thins out, slippage plus transaction fees stack up, selling becomes more and more loss-making, and in the end, everyone is racing to see who can run faster. The most outrageous part is that some even design the transaction fees as mere decorations, with slow settlements, leaving enough time for arbitrage and "bricking" trades—ordinary people simply can't play.

Additionally, I've recently seen a bunch of people linking ETF fund flows, U.S. stock risk appetite, and crypto price swings all together in their analysis... I'm not saying there's no connection, but for blockchain games with inherently rotten economies, no matter how good the external trend is, it can't be saved.

Next time I analyze blockchain game pools, I'll focus on "where do the rewards come from, how is selling pressure absorbed, can transaction fees withstand pure sheep-herding," otherwise I’ll just watch as a spectator. When you judge whether a blockchain game's economy is about to collapse, what do you look at first?