#区块链生态发展 Seeing the Solana ecosystem expanding into application layers, I have to be honest—on-chain gift cards and loyalty systems sound great, but I've seen too many套路 (tricks) in projects like these.

On the positive side, having top brands like Uber and Fanatics onboard can indeed validate the viability of the business model, and Solana's high performance is well-suited for this scenario. But you need to be aware of the risks involved:

First, the illusion of a thriving ecosystem can be very misleading. In the early stages of a project, the data may look impressive, but what about actual transaction volume and user retention? These metrics are often overlooked. I've seen too many "ecosystem applications" ultimately turn into mere numbers games.

Second, tokenizing loyalty points is easier to say than to do. Once incentives come into play, it can easily evolve into a disguised gold-farming scheme—appearing to use gift cards, but actually harvesting latecomers. You need to think this logic through carefully.

Third, the true level of brand participation determines everything. Will Uber and Fanatics really operate this system long-term, or are they just testing the waters for hype? Historically, many projects have failed due to the cold response from major partners.

My advice is to keep an eye on these projects, but don't rush to participate. Wait six months and then review the data—actual transaction volume, active users, and brand renewal rates. Only those who can survive this period are worth serious consideration; otherwise, you're just working for the whales and the team. The secret to lasting on-chain is to take one slow step at a time, but make sure each step is clear.