Recently monitoring on-chain transactions, I always feel like "Can I also make some arbitrage?" When I click in, I realize that many are actually sandwiches: you think you're buying and selling, but someone else cuts in line first and eats the slippage, making your contribution more like a fee. To put it simply, opportunities may not be scarce, but chances for retail investors to get in are limited.

Now I prefer to look at market breadth and correlation; when breadth shrinks and correlation rises, on-chain activity becomes more like a sprinting race; conversely, when tokens differentiate, it’s not as crowded. I also casually thought of the NFT royalty war: creators want ongoing income, traders want liquidity, but in the end, a lot of the "cost" is still spread across buyers and sellers through various paths in the secondary market... Anyway, all I can do is avoid chasing hot routes, split orders, set slippage, admit mistakes if I’m wrong, and not see myself as that piece of sandwich bread.