After years of working in this industry, honestly, the new gameplay I encountered this year is quite refreshing. Looking back, it’s somewhat similar to the situation when inscriptions first appeared—initially no one could understand it, and by the time it really gained popularity, copies started flooding the market. Back then, there weren’t many ways to participate; mainly, you had to mine through the LP pools, and direct buying and selling weren’t that easy to execute.

To put it simply, the reason this mechanism can push up prices lies right here. Because the design of liquidity mining allows participants to enter and exit freely, but those who truly want to get in find that, rather than waiting for counterparty trades, participating in mining through LPs is more cost-effective. This naturally creates a supply barrier—the chips in the secondary market become scarcer and scarcer, making it hard for prices not to rise. Once this model is fully recognized, various follow-up projects will inevitably emerge en masse, and at that point, participating at low cost will no longer be so easy.