Lately, when I see those on-chain trades that feel like “you insert a needle and then pull it right back out,” most people’s first instinct is that it must be an arbitrage opportunity. I’m actually more likely to think: am I just paying other people’s transaction fees…? This whole “sandwich” thing, put simply, is that you think you’re catching the dip, but by the time you’re doing that, others have already slipped orders in around you. The slippage doesn’t look that big, but when you eat it, it really stings.

What’s even funnier is that now the L2s argue about TPS every day, argue about fees, argue about ecosystem subsidies—like they’re competing over who has the “wider road.” But having a wider road doesn’t mean there are no traps. Robots still run at full speed. Anyway, before I place an order now, I’ll take a screenshot and save it as a reminder: don’t treat “opportunities” like a plot. In the end, your position will be tricked away by the story. That’s all for now.