Do you guys feel like, in blockchain gaming, the pool isn’t always being “dumped” by others—more often it’s slowly getting starved to death by its own slow output… A few days ago, I watched a project’s treasury flow. Everything looked pretty calm at first, but then the rewards kept getting sent out, while consumption still couldn’t keep up. It was like the faucet wasn’t shut off, and the liquidity in the pool was being diluted thinner and thinner. To put it bluntly: if your output only works because “new people come in to pick up the slack,” then it isn’t an economy—it’s a relay race. I’ve fallen into that trap too, and I even stubbornly defended it before finally having to laugh at myself.

Recently, everyone’s been talking about rate-cut expectations and the U.S. dollar index—risk assets might rise together for a while and fall together for a while. But with blockchain gaming, it’s more real: macro can shape sentiment, and inflation will directly suck the pool dry. Anyway, when I look at blockchain gaming now, I only check two numbers: how much is issued, and how much is burned. The rest of the stories? Just listen to them, that’s all.