Midnight on-chain browsing and I saw a bunch of "sandwiches" again. Honestly, you think you've caught an opportunity, but most of the time you're just paying others' transaction fees... Especially those orders that widen slippage and still think they're clever, basically writing profits into other people's wallets. Arbitrage is the same; on the surface, it's about price differences, but behind the scenes, it's about speed and information gaps. If you're not part of that group, don't force your way into the race. Recently, with staking and shared security yield stacking being criticized as "pyramid schemes," I think the logic is similar: the returns look attractive, but friction costs and hidden risks are also stacking up, just not directly visible. Anyway, what I care about more now is: who is actually making money from this trade? Don't let it end up with me just being a gentle provider of liquidity and transaction fees.