Recently, I’ve been looking at blockchain game pools again, and it feels like the same pattern: the output is great for the first couple of days, then inflation hits like opening the floodgates, and the more you mine, the less valuable the coins become. The TVL looks pretty big, but in reality, it’s just short-term funds attracted by yields. To put it simply, the pool is fattened by “rewards,” but it can also be dragged down by “rewards,” and when selling pressure builds up, everyone runs faster than anyone else.

Last night, I was still checking the group chat before and after the upgrade of that mainstream public chain, everyone guessing whether projects will migrate… I actually think with blockchain games, migration doesn’t really matter, so let’s not shoot ourselves in the foot with the economic model first.

I’m pretty realistic too. A few days ago, I followed a new protocol, criticizing it as “another pie-in-the-sky,” but I still clicked to try it out; today, seeing the output accelerate again, I unfollowed directly. My attitude is: when it goes up, call it fake; when it drops, call it real. But the most genuine thing is when you lose money.