These days, I've been observing a few obvious pump-and-dump trades again, superficially like "someone precisely bottomed out," but in reality, it's just that you placed a market order with too much slippage, leaving room for others to fill the order. Arbitrage is the same; you think you've caught the price difference, but all those bots on-chain have already calculated the route poorly, and for ordinary traders, it's mostly about working for the various fees along the path.

The new L1/L2 incentives that boost TVL are even more obvious—it's lively, but the old users' saying of "mining, raising, selling" isn't unfounded... Frankly, the liquidity during the incentive period is like a temporary shed; once the wind stops, it disperses. I'm actually more concerned now: whether there's abnormal movement in exchange inflows, whether the same wallets are clustering again, or if the market sentiment is overheated. It's not that I don't want to make quick money, but it's a bit annoying to feel like every time I'm fighting an invisible hand for the last bit of soup. For now, I'll stick with this; I'd rather go slower.