Lately, I've been looking at on-chain transaction records, and sandwich attacks and various arbitrages are really glaring... You think you've caught a small opportunity, but most of the time you're just paying tolls for others (fees + slippage + being sandwiched). To put it simply, the busier the pool, the more it resembles a highway, and when there are many cars, someone will collect tolls, and you might not even see them.

The RWA (Real-World Asset) approach is also quite interesting. Everyone is using U.S. Treasury yields as a benchmark for on-chain yield products. I think it's better not to rush into comparing who has higher returns first, but to think carefully about whether the source of the yield includes a part where "someone else is fueling it for you." Now I trust data a bit more, at least on-chain data can be replayed; intuition can easily be fooled by one or two successful transactions... Anyway, I prefer to go slower, even if it means fewer runs.