When the network is congested, the transaction you broadcast is basically like queuing in the mempool to get called up. First, it’s broadcast to various nodes—it isn’t immediately added to the blockchain. Miners/validators also make very practical choices: the higher the “tip” (gas) you pay, the more reliably your execution will go through, and the more likely your transaction gets packaged first. If you watch your wallet spinning nonstop, it’s usually not “lost”—it’s stuck at the back of the queue, or someone else has bumped it out midstream with another transaction using the same nonce and a higher gas fee (replacement/acceleration).

Another easy-to-overlook point: while you’re waiting in line, the on-chain state keeps changing—especially with swaps. By the time it’s your turn, if the price/slippage conditions are no longer met, the transaction will revert. You won’t lose the principal, but the gas will still be burned, which is pretty painful.

Recently, people have been comparing on-chain yield products using RWA and US Treasury yield rates. Put simply, during congestion you have to account for the costs and the certainty of “entering/exiting”—otherwise the gains look attractive on paper, but after one operation, you may get a big chunk taken out by gas… Take another look.