I just came across an older pool in a chain game. When I went in, the production speed was like a printing press, but the liquidity in the pool had almost dried up like a river running dry. As 😅 for inflation—it's really like boiling a frog in warm water: players grind for gold every day and feel good, but as output keeps increasing, the buyers who are left holding the bag get smarter and smarter. In the end, the price keeps sliding hard, and all that's left are a bunch of “why didn’t I run back then” regrets.

Now, on the macro side, the interest-rate cut expectations are all over the place. The US dollar index and risk assets rise and fall together, making everyone even more cautious. People would rather keep money in their hands than gamble on “the next breakout hit.” So if chain games want to stay alive, they can’t rely on painting rosy pictures alone—they need to truly balance output and consumption. Otherwise, no matter how moving the story sounds, the pool won’t last.

What’s funny is that some project teams still think they can keep going indefinitely by “grinding for yield.” In the end, even players start joking: “Is this game for me to work, or am I working for the game?” Annoying, sure—but when you think about it, it’s also pretty funny.