Lately, I've been looking at that "production → recycling → re-production" pool model in blockchain games, and it’s starting to feel familiar again: at first, the data looks pretty good, but then it gets slowly strangled by inflation. To put it simply, if the output isn’t coming from real consumption (players spending money for fun/efficiency), but instead from new money coming in to buy coins and items, then it’s like using token issuance as a salary, which becomes increasingly worthless, leaving only the mindset of “waiting for someone else to take the fall.”

Actually, many people can’t figure it out: the small rewards you distribute daily are essentially diluting all holders; at the same time, they demand stable prices, deep liquidity, and the ability to exit at any time—these three things are basically impossible to achieve simultaneously. Recently, the stacking and shared security yield stacking that’s been criticized as “layering,” I think blockchain games are more like that, just wrapped in a layer of gameplay skin… Anyway, when I look at these pools now, I focus first on net inflow and consumption; if there’s no consumption, don’t even talk about long-term.