Recently came across a few blockchain game pools, all about "high yields"… Basically, it's just constantly issuing new tokens as rewards every day. It looks lively in the short term, but in reality, it's using inflation to buy liquidity. When yields are high, selling pressure follows, and that small amount of real money in the pool gets drained little by little, leaving behind a bunch of worthless reward tokens. The more you mine, the more you lose, and everyone runs faster than anyone else.

When I look at these projects now, I don't ask how exaggerated the APY is first; I focus on two things: where do the rewards come from, and are people willing to pay long-term to buy in? Without a real consumption scenario, or if the consumption is just "re-staking and mining again," it's basically a self-sustaining spinning top—if the power goes out, it collapses.

By the way, recently the community arguing about privacy coins/mixing compliance also looks a lot like this: everyone wants "freedom," but as soon as boundaries are touched, they start insulting each other. Blockchain games are the same—want high returns is fine, but don’t pretend risks don’t exist… Anyway, I’d rather earn less, at least knowing the pool won’t suddenly collapse under inflation.