Recently, I heard someone analyze how blockchain games lose money. Nine out of ten times, it's not because of "hackers," but because their own economic systems are slowly bleeding out: once the production side opens the floodgates, tokens leak like water from a faucet, and the pool's limited buy orders simply can't keep up; you think you're making gold, but you're actually just mutually withdrawing liquidity. To put it simply, the more aggressive the rewards become = the faster inflation accelerates, and when the token price softens, everyone becomes more eager to sell, causing the pool to be drained completely, leaving only a race to see who can run faster. Outside, some people use ETF fund flows and U.S. stock risk appetite to explain all the rises and falls, but I think for blockchain games, no matter how good the macro environment is, it can't save the printing-press-style output... When I see the words "high yield" now, I first ask: who is going to buy? What's the reason for buying? Otherwise, it's just emotional soothing—listen and forget.