Lately I've been watching sandwiches and arbitrage again, and the more I look, the more I feel like I'm just watching others collect tolls... You think it's an opportunity, but when you click in, you realize the path has already been mapped out by others, and what you mainly contribute are fees and slippage. To put it simply, being quick doesn't necessarily mean winning; you might just be helping the faster guys carry the sedan chair.

These days, cross-chain bridges are being hacked again, and oracles are acting up with quotes. A bunch of people in the group are starting to say "wait for confirmation," and I agree: even if the chain is more transparent, when something really goes wrong, everyone still prefers to seek certainty first. Anyway, now I get wary whenever I see the words "risk-free arbitrage," so I first split the transaction into smaller parts and look at the routing more carefully.

That's all for now. I'm going to draw the strange swap path I saw today into a diagram and review it again.