Lately, I’ve been looking at the pools in blockchain games, and it feels like an old record spinning for too long—more and more noise builds up. The rewards were appealing at the start, but once inflation kicks in, coins start flying around like lottery tickets. When players finally get them, their first reaction isn’t, “Let’s play another round,” but, “Quick, I need to sell.” In plain terms, what actually keeps people in the pool isn’t just issuing more—it’s whether what gets issued is something people are willing to take and actually use. Otherwise, it turns into everyone squeezing each other with withdrawals.

Over the past couple of days, I’ve also been seeing Layer2s arguing about TPS, fees, and subsidies, and I’ve found myself getting pulled out of it a bit: subsidies are also a form of “output.” If you throw them in too hard, it makes things lively in the short term, but afterward it comes down to who can grow real demand—otherwise, it’s easy for the whole thing to just spin in place. Anyway, I’ve learned to be smarter now: don’t chase the hype; instead, watch whether the capital flow is “reflowing.” Otherwise… you might really not be able to hold up.