#稳定币发展 The 55% decline in GameFi funding is worth a close look. On the surface, the industry appears to be in decline, but the underlying logic is changing — the rise of Web2.5 games reflects a rational market correction.

The key observation is the monetization approach of these games: they treat blockchain as infrastructure, skipping token design and competing directly on revenue and user experience. What does this mean? It means the cycle of relying on incentive mechanisms for hype, which collapses once rewards stop, has been broken.

Data supports this judgment — while native Web3 games generate millions of dollars in revenue, their player base is small and filled with bots. In contrast, teams like Fumb Games and Mythical Games perform more steadily in actual revenue. This is not accidental; it’s a difference in product logic.

The proliferation of stablecoins is a variable worth tracking. Lower transaction costs for small trades, easier cross-border payments, and optimized participation-based reward mechanisms will accelerate the expansion of the Web2.5 model. From on-chain fund flow data, attention should be paid to the entry volume and retention cycle of stablecoins in these projects, as these indicators better reflect the true industry centripetal force than simple funding data.

In the short term, the GameFi market will continue to differentiate, but in the long term, this is healthy attrition. What’s worth monitoring is which teams have accumulated a genuine user base during this adjustment.