I went back to check the pool data of a few chain games again. To be blunt, the word “output” just looks so pretty—yet in the end it turns into a sweet trap. High emissions in the early stage pull people in. Everyone thinks they’re mining for gold, but what they’re really doing is plugging into an inflationary loop. Then, when new inflows don’t keep up, sell pressure hits, and the pool’s depth thins out like paper. With slippage plus a whole combo of people piling in and trading at the edge, the whole thing collapses in an instant.

What’s even more annoying is that many people only focus on APR and don’t look at the feed delay and the trading depth. The moment the price moves, if the oracle “zips by” for even a second—basically letting someone get the edge—they can get you stuck right at the boundary. The settlement moment is where it really hurts. And lately, some places have also added taxes and tightened compliance—so expectations for deposits and withdrawals get worse. Everyone becomes even more eager to “cash out first,” which makes higher output feel more and more like a countdown to getting told off… Anyway, whenever I see high output now, I always ask one question first: where does this output actually come from? And, in the end, who will it be sold to? Output—still just those two words.