These days, looking at the liquidity pools of blockchain games, I’m reminded of an old problem: when inflation kicks in hard and output can't keep up, it starts off lively, but later it just becomes “who runs faster wins.” Basically, you treat tokens like wages, but there aren’t many real consumption points in the game; players earn and then withdraw, leaving the pool only with new entrants to take over, which will eventually be drained. No matter how much the operators hype it up, when the data cools down, it’s very honest.

People are still interpreting ETF capital flows, U.S. stock risk appetite, and crypto price swings as if they’re all tightly linked, but I just see… Anyway, emotions are emotions, mechanisms are mechanisms. Once the economic model of a blockchain game collapses, no matter how good the macro environment is, it can’t be saved.

I still believe: projects with the right process, controllable inflation, and transparent exit paths will ultimately succeed, just a bit slower.