Lately, I've been checking out the blockchain game pools, and it really feels like watching a slow-motion crash: initially, the output skyrockets, and everyone thinks it's "free money," but then inflation keeps spiraling, the token price can't hold up, the real money coming into the pool doesn't change, but the amount distributed out keeps increasing... Basically, it's relying on new entrants to take over the output.

When too many people start withdrawing, liquidity becomes as thin as paper, slippage hits the max, and the mood shifts from "go all in" to "don't block my way."

These days, cross-chain bridges are having issues again, and oracles are acting up, so a bunch of people in the group suddenly learn to "wait for confirmation"... It's pretty surreal, but it’s also a kind of collective learning experience.

Why can I stay calm? I have a habit: I look at where the "output" in the pool comes from first, not just at the APY screenshots. As long as it's mainly printing tokens and there's no ongoing consumption or recycling mechanism, I default to thinking it will eventually collapse. If I can avoid touching it, I do. If I do, I treat it as paying tuition—just accept it for now.