Just took a quick look at some on-chain data on a certain chain: a small order of 0.1 ETH was surrounded and attacked by three bots, and the sandwich was eaten cleanly, with not a crumb left. And I started wondering—are these kinds of arbitrage opportunities you’re benefiting from by taking other people’s fees, or are you the one whose liquidity someone else is consuming? In any case, based on what I’ve observed, many of the “opportunities” that retail traders chase after seeing are really just traps designed by others.

Recently, the debate around privacy coins and mixers has flared up again; the compliance boundaries are blurry, but the on-chain arbitrage mechanisms are becoming more and more transparent. To put it bluntly, who’s in the light and who’s in the shadows is obvious at a glance. As for me, I’d rather watch how the funds actually move than follow along and shout orders to rush in.