Honestly, when it comes to the “chain game economy collapse” situation, I’ve really been bewildered by it lately. The studio address profiles look flashy one after another—transaction volumes and interaction counts are cranked up to the max—but once you check retention, they’re all “mine–withdraw–sell” bots. Put simply, address labels can help you filter out obviously ratty behavior, but some of these “users” have on-chain data that looks so pretty it’s almost indistinguishable from the real thing. Ultimately, it’s still the same inflation spiral: once the coin price crashes, TVL immediately follows and breaks your heart.

My mindset has also gone through several versions. v1.0 was pure coin-price watching—when it went up, I’d basically call it “dad.” v2.0 learned to look at on-chain data, and I thought it could reveal some insights. Now v3.0, though—I’m actually more cautious. No matter how good the data looks, you still have to ask yourself: are there real users behind it who keep using it consistently? Is the flywheel being propped up by subsidies? Anyway, even if I’m stubborn about it, when it’s time to add to my position, I still add—I just make sure to stay alert, so I don’t get fooled by “beautiful” address profiling.