You say there’s “opportunity” on-chain, and my first reaction is actually: is this opportunity just me paying the fees… Last night I watched a swap—its slippage was set pretty conservatively, but I still got squeezed anyway. The two transactions before and after looked like they’d been staged; basically, I just helped set up a sandwich for someone. Arbitrage is the same: on-chain it all looks perfectly reasonable, but the moment it’s your own turn to step in, you realize that once speed, route, or gas gets even a bit slow, all that’s left is just a “sense of participation.”

Recently, that whole scheme of re-staking again and stacking up shared security yields on top of each other—being endlessly complained about as one nested layer after another—I can understand that too. Everyone’s chasing higher “seems-stable,” but the friction costs underneath, and the risks from the counterparty side, haven’t gotten any smaller… Anyway, I’d rather move less now, watch the flow of stablecoins more, and make sure I’m not the one just working for other people.