Recently, I looked at the data of several blockchain game pools again, and it’s quite like watching the slow motion of a liquidation waterfall: the output first attracts people in, then inflation drains the pool. To put it simply, many rewards are either “profits” or an early distribution of future selling pressure. At first, the APR looks great, but later, as it unlocks a little each day, the sell orders pile up, and if the pool isn’t deep enough, it collapses directly.

I also happened to think that these days, everyone compares RWA and US Treasury yields with on-chain yield products. Actually, blockchain games are more like “paying yourself a salary,” so you need to be aware of where the cash flow comes from… Now I see that the output curve is steeper than the actual consumption curve, so I’ll hold off on participating for now, to avoid becoming the last brick in the liquidity pool.