Recently, I've been hearing the phrase "the pool is getting more and more attractive" in blockchain game voiceovers, which sounds a bit like an old radio repeatedly playing the same chorus: a few days ago it was exciting, but after a couple of weeks, it gets boring. Honestly, many projects don't lack players; it's just that the output is too smooth, inflation is too frequent, and with more tokens, everyone just becomes more eager to sell. The pool is like someone opening the faucet every day to bleed out liquidity—no matter how much is added, it's all fake.

Look at how now Layer 2s are arguing over TPS, transaction fees, and subsidies. My mind automatically switches to the same channel: subsidies can attract people, but they can't keep them. The same goes for blockchain games. In the early days, high output drove the hype, but if there are no real "consumption" scenarios later on (not just reskinning or synthesis), higher output will lead to a quick death.

Anyway, whenever I hear that "chorus," I first calm down and don't nod along too quickly with the rhythm. When the day comes that it can keep people engaged without relying on token releases, then I’ll listen to the whole album.