Recently, I’ve seen several blockchain game pools that initially boast sky-high APR, but after a couple of weeks, they start to decline rapidly... Basically, it’s because the output is too smooth and inflation is too aggressive. People aren’t coming to play; they’re coming to exchange their tokens for stablecoins and leave. Plus, with studios opening multiple accounts and daily check-ins to earn tokens, selling pressure increases, causing the token price to soften, which makes more people want to run away, and the spiral keeps turning.

I think this kind of thing is similar to community group buying: on the first day, they give away eggs for free, and everyone lines up; on the second day, you have to invite new people to get eggs, and there are a bunch of scalpers; by the end, the eggs are shrunk, and the crowd disperses. The pool isn’t “being dumped,” it’s the economic model leaking on its own. Anyway, when I do perpetuals, I focus on funding rates and liquidation hot zones. For high-yield blockchain games, until demand is locked in, I treat it like a hot potato—holding it for too long gets hot to the touch.