Recently, I saw a bunch of people talking about sandwiches and arbitrage, making it sound like easy money.

Honestly, if you've actually interacted on-chain a few times, you'll realize: you think you're eating the profit, but most of the time you're just paying others fees + slippage, and incidentally providing “liquidity subsidies.”
Especially in small pools with high concentration of holdings, when you enter, the price skyrockets, and MEV bots are a hundred times faster than you.

Now, comparing RWA, US bond yields, and on-chain yield products all together, I understand everyone’s desire to find something “stable,” but let’s be clear about where the returns come from:
Is it genuine cash flow from the underlying assets, or is it just mutual exploitation within trading pairs?
Anyway, I’m now placing orders more like avoiding traps: limit orders, small test trades, and when I see the unlock curve and TVL don’t look right, I cut losses and walk away—don’t hold on stubbornly.
Of course, there are opportunities, but more often, they belong to others.