Today I looked through the output curve of a certain on-chain game. The inflation rate is pretty scary—like the reward pool has had a water tap turned on; the more people mine, the less it’s worth. Players are cursing while they grind, but the system still keeps forcing out rewards. In the end, the pool collapses completely, and nobody wants to be the buyer of last resort. In the group chat, there are also rumors going around about stablecoin depegging—screenshots flying everywhere, and the mood is like a bank run. Anyway, I’m not too sure, but looking at these loops, it’s actually the same logic as the game’s economic model: if the emissions can’t be kept under control, confidence falls apart. That’s all for now—I’ll keep observing.