After watching so many blockchain game pools, the logic is actually pretty straightforward: the more competitive the output, the more intense the inflation, and the reward tokens become more like buffet coupons. People’s first reaction isn’t “hold for appreciation,” but rather “sell quickly to recoup costs.” The real new money entering the pool can’t keep up, and even with attractive APYs, it’s just bringing forward the selling pressure of the future, becoming thinner and thinner, eventually leaving only an empty shell.

Recently, there’s been daily attention on staking unlocks and token unlock calendars. I also get nervous, honestly, it’s the same thing: there’s a bunch of tokens expected to be released, and everyone’s afraid of being the last one to catch the bag. Then I start insomnia watching the market, setting tight stop-losses but itching to add to my position… Forget it, I’ll be less impulsive tonight, lower my holdings first, and avoid fighting inflation.