These past two days, the pools in blockchain games have started to feel a bit familiar again: every day, they pump out a bunch of tokens, and the players’ first reaction is to sell—what about buy orders? Basically, it’s mostly new entrants picking up the slack. To put it plainly, it’s like inflation is being paid out like wages. The more often they “pay wages,” the thinner the pool gets; slippage gets even more ridiculous, and the routing detours you for half a day. In the end, it feels like, “What I’m earning is just numbers—only when I exit do I realize it’s air.”

Right now, when I look at blockchain games, I focus first on the production cadence and the points where tokens get recovered. If there’s no consumption scenario or buyback mechanism, don’t expect liquidity depth to grow on its own.

By the way, I’ll also vent a bit: outside, people are once again trying to tie ETF capital flows and U.S. stock risk appetite directly to crypto’s up-and-down moves. I think more often than not, it’s just an emotional tailwind. Once the pool is drained, no matter how good the narrative is, it can’t rescue liquidity.

What about you?