Recently, I keep seeing people use on-chain returns to benchmark U.S. Treasury yields, talking like it’s as stable as a bank deposit… It makes me want to laugh a bit and also just uninstall my wallet. I feel like I’m being led around by the “narrative” again.

To put it plainly, many people don’t lose because they picked the wrong direction—they lose because of the sequence. The moment you hit confirm, you think you’re in line, but someone else cuts in front of you, bumps you aside, and then leaves you stuck behind. This kind of MEV / ordering unfairness is often the worst for smaller players: the ones with small amounts, those rushing to execute, and those who love chasing the hottest pools.

You think slippage is just “the market,” but sometimes it’s actually you being charged a toll by others.

Anyway, whenever I see returns products that are too hot, I pause for two seconds first. I’d rather make a little less than become a stepping stone on someone else’s arbitrage route.