Been lurking for a long time, but I still can’t help saying this: you think you’re doing arbitrage, but a lot of the time you’re really just paying other people’s fees—especially once you’ve been sandwich-attacked and you finally get it… On-chain, there’s clearly a price spread, but the moment you reach in, slippage + getting sandwiched + gas all pile up, and in the end you’re left with a “participation prize.”

Recently, new L1/L2s have been rolling out incentives to pull in TVL. Everyone’s rushing in while complaining about mining, putting in, and selling. Me, I’m more inclined to go slower: I’d rather trim positions in stable pools, open less leverage. If I can’t catch explosive gains, at least I won’t end up being the “fuel” for liquidity and transaction fees.