In the past few days, I’ve seen the blockchain game pools get flooded as soon as they go live, bustling with people, incredibly lively. But now, as soon as I smell “high yield,” I reflexively want to run… Honestly, if the output isn’t paid for by real consumption/gameplay, but instead relies on new money coming in to keep paying out, then when inflation hits, the token price will first soften, and the people in the pool will only be left with “mining, selling,” selling more and more, and fewer people will want to play. Eventually, it just becomes a race to see who can run faster.

I used to do all-in bets + leverage to chase yields, and the result was that the capital curve directly taught me a lesson. Now, I mostly try small positions to test the waters, focusing on two things: whether new users are coming to play (not just to mine), and whether the yields can be consumed (like upgrading equipment, drawing cards, etc.)… Anyway, as long as the recovery can’t keep up with the token issuance speed, the pool will eventually collapse on itself. For now, I’ll stick to this, being cautious to keep things simple.