Recently watching on-chain trades, I can’t help laughing at all these “smooth arbitrage” screenshot posts: you think you’ve spotted an opportunity, but in many cases you’re just the filling in a sandwich—and on top of that, you’re also paying transaction fees for someone else. Put bluntly, profits aren’t really real unless you’ve accounted for slippage and gas.

As for being an LP, it’s even more obvious: when certain pools get hot, liquidity migrates as fast as moving house, and the rest is just impermanent loss slowly gnawing at you. Anyway, I trust the data more now: once the trade distribution is abnormal or the failure rate is high, I’ll pull a bit of liquidity first—earning a little less is fine.

My colleague is still researching AI Agent automatic interactions, and they’re talking it up like it’s incredibly profound. I only care whether it has its permissions and signatures under control… Automation is automation, and when something goes wrong, it’s also automated. That’s all for now.