Looking at the on-chain data for chain games lately, I can’t help but feel more and more emotional. The emissions are coming out too fast, inflation hasn’t been kept under control—several once-popular pools saw their TVL get cut in half straight away. When you add up the LP impermanent loss, it ends up being more than what you’d earn from mining the coins. In plain terms, project teams give out incentives and it feels great for a moment, but the output coin price can’t hold up—so who would lock up tokens if you’re an old user? The whole “mine, then withdraw, then sell” playbook was reenacted again on a new L1: it’s fun when you’re pumping TVL, but everyone knows what’s going on. It’s simply a race to see who can run faster. Anyway, my market making has been getting slower and slower; I’d rather earn less, but I have to make sure I calculate the real liquidity pressure first. Data won’t lie—patience is never wrong.