These days, I’ve seen people interpret ETF capital flows, U.S. stock market risk appetite, and crypto price movements all together, basically using anything as a reason when emotions run high… I won’t get into macroeconomics first, let’s go back to the blockchain game pools themselves: if inflation + output are misaligned, it’s basically chronic bleeding.

Recently, I’ve been watching a few blockchain game reward pools, which initially attracted people with high yields, but the new tokens are issued too quickly, and selling pressure is hanging on the chain every day; at the same time, “output” is just the same set of tokens cycling, lacking real external consumption (like upgrades, tickets, or item destruction), so the funds in the pool look lively but are actually just passing hands among each other. The most straightforward data: the pool’s TVL hasn’t really increased much, but the addresses claiming rewards are becoming more and more scattered, and in the end, everyone is talking about it and selling.

Now I see those “double the output” or “break-even in a few days” schemes, and I’m a bit too cautious… Forget it, it’s playable, but don’t treat the returns like a salary, and don’t get carried away by slogans.