In the past couple of days, I’ve been seeing more discussions about blockchain game pools again, and it feels like a lot of people still treat “production/output” as a red envelope. Then once inflation kicks in, the selling pressure moves faster than the newcomers, and the pool is like a leaky bucket… At first, watching daily income looked pretty great, but later, to maintain those returns, they could only keep printing more. When the coin price softens, everyone panics and runs at the same time, and liquidity gets completely hollowed out. To put it simply, it’s not that the game is bad—it’s that the economic model can’t hold up against human nature: if you don’t sell, someone else will sell anyway.

Recently, in the group, rumors about stablecoin regulation, reserve audits, and de-pegging have been getting passed around over and over again. That kind of “nothing has happened, but let’s panic first” feeling is actually very similar to what happened before blockchain game pools collapsed: confidence dies before the data does. As for me, when I see high APRs now, I take it as noise first—keep my position smaller, think through my exit path clearly, and I’m done with leverage altogether.