I just got itchy again and swapped a bit on-chain. When I saw the slippage, I thought I’d snagged a “bargain,” but then I looked at the trade history—the sandwich had already gotten me nice and cleanly… What I saw was an opportunity; what they saw was fees. To put it plainly, I’m the filling in that sandwich. Arbitrage is the same: you think you’re running with the smart money, but you’re really just waving the flag for the faster guys.

Recently, people have been arguing again about RWA, comparing US bond yields with on-chain yield products. I hear it and I get both tempted and uneasy: I want “a more stable” kind of interest, but I’m afraid of stepping right into a trap I can’t make sense of. Anyway, my kind of trading style is chase price increases and sell at dips—when I see a high APY, it’s like… again… I get excited for three seconds, then regret it for three days. Forget it. I’ll convert large amounts in batches, and treat small amounts as tuition.