Last night I checked on-chain and saw a few familiar “sandwich” moves. I instantly calmed down... You think you’ve caught an arbitrage opportunity, but it may just be you paying someone else’s fees instead. To put it plainly: you’re excited on the screen, while they’re counting money in the background. Especially in pools with not-deep-enough liquidity—the moment the slippage opens up, it becomes obvious. These days I’d rather make fewer moves and check again after I wake up.

Recently, all that “yield stacking” talk around restaking and shared security has been pretty loud too. Some people say it’s a nesting doll scheme, and I don’t think that’s completely unfair: one layer wraps another, and in the end you really have to ask who’s providing the backstop and who takes the biggest share. Sometimes you can only see it clearly by actually reviewing the transaction order. Anyway, I’m just a low-frequency participant—when the route gets too crowded, I don’t jump in. Slowing down means fewer tuition fees.