Just saw a fleeting on-chain transaction that seems like "it could make money," and my first thought was: Am I just paying someone else's fees...

The sandwich attack, to put it simply, is like you reach out to grab some food, and the person next to you casually grabs a piece first, then puts it back, and you still think you got a good deal.
Arbitrage is the same; what you see is the path and the price difference, but what you end up with might just be slippage and the heartbeat of being front-run.

Recently, everyone has been comparing RWA, the yield on US bonds, and on-chain yield products.
Honestly, I feel a bit dazed: on one side, it looks "stable," on the other, it looks "fast," but the on-chain world is really good at packaging emotions as returns.
Anyway, I now prefer to watch the timeline: who heats up first, who follows the trend, who pays tuition in the last mile...
Let's leave it at that for now, and don't impulsively place orders in the middle of the night.