In the past few days, I've been watching on-chain transactions, and sandwich attacks + arbitrage are starting to cluster again. You think you've caught a "chance," click to confirm, but it ends up feeling more like paying a toll for others: slippage, priority packing, being sandwiched, not losing much but feeling really uncomfortable inside. To put it simply, the market isn't short of smart money; what’s missing is someone willing to be the source of liquidity and transaction fees.

Some people compare RWA, or the yield on US bonds, with on-chain yield products. I also look at these, but my first reaction isn't "is the yield high," but rather where the yield comes from and who bears the risk. That bit of "stability" on-chain often just hides volatility somewhere else. Anyway, I’m now placing orders more slowly, preferring to do fewer trades rather than becoming just a background player in someone else’s strategy.