Over the past couple of days, I’ve seen blockchain game mining pools collapse really fast. To put it simply, it’s still inflation plus output going out of control: token issuance is treated like wages, but the output can’t keep up with real demand. So everyone can only take those “wages” and smash the market; what’s left in the pool is just a bunch of useless rewards. At first, daily active users and TVL looked pretty lively, but the more you mine, the thinner it gets. In the end, it’s whoever runs slower who ends up holding the bag.

Recently, every new L1/L2 boosts TVL as soon as incentives roll out. I also understand old users complaining about “mine, claim, and sell”… because incentives are basically short-term subsidies, not matched with real consumption scenarios (for example, item consumption, buyback/recycling mechanisms, or output limits). That’s like overspending in advance. My friends see me clicking and interacting every day and ask whether I’m working overtime. I can only say: first, figure out the rules for the witch clearly—if you can break even, withdraw; don’t get sentimental about the pool.