Recently, I’ve come across a few play-to-earn blockchain game pools again. At first, they were pretty lively, but later it turned very grim: as soon as the production kicks off with a big push, coins get sprayed out like dumplings, while demand can’t keep up. The little bit of real money in the pool gets slowly drained, and what’s left is just the lively spectacle of people taking turns to back each other’s positions… To put it simply, inflation isn’t the problem—the issue is that they only issue tokens and don’t create any “consumption.” Things like item buybacks, upgrade-related consumption, and fee recirculation can’t be done, and it crashes fast.

Coincidentally, over the past couple of days, that major mainstream public chain is scheduled for an upgrade/maintenance, and the group has been guessing whether projects will migrate. I’ve taken a laid-back approach, honestly—whether they migrate or not doesn’t really matter. If the economic model can’t hold up, moving to another chain is just relocating where the leak is.

I still believe in the idea of slowly grinding it out, dollar-cost averaging, and rebalancing, but for pools like these in play-to-earn blockchain games, I treat it like a show—don’t get too caught up.