Lately, I've been watching those "sandwich" trades on the blockchain, and they increasingly look like street vendors lining up: you think you've scored a bargain, but in the end, two people on either side trap you and collect tolls. Arbitrage is the same; those who can consistently profit are mostly taking on risks others haven't noticed, or paying fees on behalf of others.

In DAO discussions about incentives, I also want to ask: are these trading volumes driven by natural demand, or are they being attracted by subsidies and being squeezed? It’s a bit like the recent debate over NFT royalties—creators want to earn more, while the secondary market complains that liquidity is being slowed down. Basically, everyone is fighting over the same "friction cost."

My current approach is pretty timid: I just ignore large slippage, preferring to execute trades slowly rather than become someone’s MEV (Miner Extractable Value) tip. Anyway, whether I make a profit or not is uncertain, but paying tuition is a sure thing.