Lately, watching that set of "pools" in blockchain games, it really feels like turning on a faucet and pouring water into a bathtub, with the drain underneath getting bigger and bigger.

Initially, the output looks satisfying, but in reality, it's just inflation accelerating.
Everyone is focused on how much they can withdraw today, no one cares about what the water level will be tomorrow.
Honestly, as long as the new people/money coming in can't keep up with the drainage speed, the pool will start to collapse—first the price, then the confidence.

The new L1/L2 projects that incentivize to pull in TVL are pretty much the same.
I totally understand when old users complain about "mining, withdrawing, selling": incentives are essentially just timed market sell pressure.
You think you're fighting monsters and getting gold coins, but it's like a cafeteria handing out meal tickets— the more they give out, the less valuable they become...
When I look at these projects now, my first reaction isn't "how much can I earn," but rather drawing a simple flow chart:
Who is continuously buying?
Who is just passing by and casually grabbing some?
Anyway, I’m quite suspicious.