I'm not very good at catching those fleeting opportunities, especially the kind where, when you see “an arbitrage spread” from an on-chain swap, you rush in. A lot of the time, you think you’re doing arbitrage, but you’re really handing someone else the fee for a sandwich: the little slippage you get may just be enough for someone to sandwich you between two trades.

Recently, everyone has been comparing RWA and on-chain yield products that look like U.S. Treasury yields. I can understand why—after all, everyone wants “stability.” But to put it bluntly, whether this on-chain stability is really stable depends not only on the underlying assets, but also on whether the trading environment is clean and whether liquidity is deep. My approach is pretty old-school: use limit orders as much as possible, trade in batches, and if I don’t have to chase, I don’t chase—so I don’t end up being someone else’s target for flow. No matter how crazy the market gets, I’ll first make sure my own position stays steady.