Over the past two days, watching those on-chain orders sweep back and forth, I feel like I’m picking up coins by the roadside… I look up and realize the road has already been blocked by someone, and they’ve collected tolls. As for this “sandwich” thing—put simply, you think it’s an opportunity, but more often it’s just helping someone else get their fees + slippage paid in full. The moment I see the pool depth thinning out and the slippage curve starting to stand up vertically, I instinctively want to pull out—safety first, always.

Lately, my mindset has basically had a “version update”: before, I’d still get an itch to jump in and run alongside the arbitrage train for a couple of steps, but now it’s more like I’ve switched to power-saving mode. I’d rather make a little less than be the last one holding the baton when liquidity exits. And then there’s all that social mining and fan token hype, with everyone shouting “attention is mining”—but to me, it looks more like using attention as fuel and burning it… In any case, I’ll first pull my hand away from the hot pot, and wait until the water cools down a bit before thinking about it.