Let me tell you something. The other day, I looked through an old chain game I used to play—wow, the reward pool was practically about to collapse. To put it plainly, the economic model just didn’t hold. The reward output speed was way faster than players were entering, and inflation completely left people stunned. Every day you’d just watch those tokens rush out—this one throws, that one throws—until the pool looked like a pond of water after a rainy day: it looks full, but step in and it’s all mud.

I don’t regret the outcome; what I regret is not seeing through that inflation rate sooner. Back then, someone had already compared it with RWA: even if the yield on US Treasuries is low, it’s still a reliable anchor. On-chain yield products get sold with all kinds of big promises, but the reward logic of the chain game simply couldn’t back it up. Looking back now, it’s basically just a race to see who can run faster. In that case, you might as well be honest and just stay put, watching other people grapple with it.