Lately, the yield pools in blockchain games have started "producing at full capacity" again, but I’ve become more calm instead. To put it simply, it’s because inflation is too high, and real consumption can’t keep up; the pool looks lively but is actually just people taking turns to buy in: new money coming in offsets the selling pressure from old players, and once the sentiment breaks, the depth collapses directly, and prices feel like they’ve been sucked out of the air... I’m most afraid of this kind of emotional trading when it comes to perpetuals.

Why am I so calm? A very simple habit: I first write down "how many coins are added daily, who must buy to use them, and whether they will be burned after use" in my notebook. If I can’t understand it, I treat it like fireworks—just watch from afar, and don’t chase after igniting it.

Recently, everyone has been comparing on-chain yields to RWA and US bonds, and I can understand that quite well—at least their interest sources are clearer; many blockchain games have yields too... Anyway, in the end, it all comes down to "who will take over." That’s it for now; I don’t want to get so amused that I get carried away today.