Lately, I’ve been watching this batch of “sandwiches” and arbitrage on-chain. Put simply, you think you’re picking up a bargain, but a lot of the time you’re actually paying tolls for someone else. After doing LP myself for a while, I’ve gotten a bit numb: when trading volume rises, the fees do feel pretty tempting, but once I think about how much of that is something people have been “snatched” out of the middle, I just… yeah, don’t get too excited.

Especially when new L1/L2 first go live and start using incentives to pull up TVL—it's genuinely lively, and it’s not without reason that old users complain about “dig it, sell it.” When traffic surges in, the ones who usually eat first aren’t the later followers who come in to copy trades, but those who are faster and better at cutting the line. Anyway, my mindset now is: if I can steadily collect a bit, I’ll take it; if I run into slippage that’s wildly off, I’d rather not move—I’d rather not feed the “opportunity” that comes up just once.