The last remaining GameFi project—@MaplestoryU—is now also facing a massive loss of real users. Many real users are criticizing alpha farmers and airdrop hunters for a reason. Their presence has led project teams to siphon off the tokens that should have been allocated to users, redirecting them to the platform instead, ultimately causing real users to leave. Aside from BTC, ETH, and CEX casinos, there are no evergreen projects—it's all about who lasts the longest before collapsing. Even in Perp DEXs, aside from Hyperliquid, they face similar issues. The data may look impressive, but it's all filled with airdrop hunters. Back in December 2024, a Perp told me they didn’t want “airdrop users,” but now, aside from “airdrop users,” their only “real users” are their employees. The current prediction markets overlap heavily with gambling, which does attract real users. Since arbitrage opportunities are limited and airdrop expectations are unclear, but gambling yields are high, this naturally forces “airdrop users” out, passively turning them into “interactive users.”