I just flipped through an audit report for a chain game, and it made me feel a bit emotional. In plain terms, these kinds of pools end up being crushed by inflation and emissions. Players grind monsters every day and generate token output—on the surface, the liquidity in the pool looks lively. But the moment emissions speed up, the token price starts sliding down. Then everyone realizes that after working hard for half a day, it’s still not as good as just selling the coin directly, and they begin to stampede. I used to be obsessed with “looking only at on-chain data.” I thought those wallet addresses and trading volumes were the most real. But later I realized that emotion is the part that has no solution—take the recent talk about staking unlocks and the sell-pressure anxiety caused by token unlock calendars. When I check on-chain, sure enough it looks pretty cold. But behind that is everyone being afraid of getting caught in a stampede, so they run first out of caution. Anyway, nowadays I’ll look more at governance and contract design—whether there are deflation mechanisms or lock-up incentives. Otherwise, relying only on players’ enthusiasm, the pool will eventually run dry. That’s it for now—just me thinking out loud.