Recently, while reviewing on-chain transaction replay, I realized that what I thought was an "arbitrage opportunity" is often just giving others transaction fees/slippage... like a sandwich, where you jump in to buy, and two trades sandwich you, pushing the price away. I was still calculating, "Hey, this spread is pretty good," but in fact, I became the spread itself. Anyway, now I try not to chase pools that suddenly heat up with small positions, first tighten authorization, set smaller slippage, and take it slow if needed.

By the way, I saw everyone comparing RWA and US bond yields to on-chain yield products. I also feel a bit tempted, but I’m worried about stepping into a "very stable-sounding" trap... My colleague even asked if you guys are just lying around earning on-chain. I could only awkwardly smile and say: most of the lying around is being squeezed out. That’s it for now, keep learning, don’t rush to be the smart money.