It’s a little past 2 a.m., and I’m browsing on-chain again—I just saw a blockchain game pool. The data looks quite lively, but my first reaction isn’t “making money”; it’s whether inflation has been turned up too high again. To put it simply, if the output can only be maintained by constantly issuing new tokens, then you’re essentially using tomorrow’s sell pressure to prop up today’s TVL. The pool looks “fat” on the surface, but underneath it’s actually leaking. Once new entrants slow down, old players start taking the rewards as wages—collect them and then sell. When liquidity gets thin and slippage starts creeping up, the sentiment collapses immediately.

Recently, whenever a new L1/L2 drops incentives, it boosts TVL again. In the group, long-time users complain about “mine-and-sell,” and I can understand that too… Anyway, when I look at blockchain games now, I’d rather have a bit less APY and focus more on whether there really are users on the consumption side, whether there’s any reflow. Otherwise, once a bunch of tokens get dumped in, who’s going to take them?