Recently, I came across those "play and mine" pools in blockchain games again, which are basically the same principle as dough rising too quickly: the more aggressively the output is pumped, the harder inflation hits, leading to a boom and then a collapse. In the early stages, the APR looks great, but it's actually just bringing future selling pressure forward, and when player growth slows down, rewards can only be sustained by issuing more tokens. When the price softens, liquidation and chain reactions of panic selling begin, and what's left in the pool are just people waiting to escape.

Now, when I look at the blockchain game economy, I care more about "where does the output come from, who is continuously buying," and whether the interest rate curve has been distorted by short-term incentives. There are many tutorials, but I prefer those that break down cash flow and incentives separately, and also run through the worst-case scenarios—I don't want to be fooled again by the "data looks good" narrative.

By the way, recently the community has been arguing fiercely over privacy coins and mixing services, pushing the boundaries of compliance... I understand the need for privacy, but once they are labeled high-risk, liquidity can disappear overnight. Chain games that rely on liquidity to survive will be even more vulnerable. Anyway, I’m just gradually managing my positions—don’t treat fermentation like popcorn.