For all the talk about how crypto is changing the world, the vast majority of token-based projects are short term games that structurally devolve into glorified pyramid schemes. Inflated expectations lead to the classic boom-bust cycle where speculative intent runs ahead of reality, and eventually, it all falls down.

Early versions of token distributions have led to unsustainable dynamics wherein speculators are rewarded instead of those who are adding consistent value to networks through actual usage.

In short: people keep participating and buying in because they are betting Axie can figure out a way to make it sustainable. It’s kind of like if the original Ponzi was more honest and pitched the scheme as a way to raise funds and build an audience he could leverage into a sustainable business. The way Axie plans on doing this is to try and grow... See more