Recently, I’ve been mulling over a few things. Sandwich attacks and arbitrage sound like opportunities, but the truth is that a lot of the “profit” you see is actually the “fees” inside someone else’s system. I’ve tried arbitrage a few times, and in the end I ended up getting squeezed myself—pretty pointless and annoying. Later on, I was more willing to read protocol audit reports; at least then you know which vulnerabilities have been written into the code, and which ones are “wild.”

Recently, the big shots in the group have been spreading news about stablecoin depegging, and the mood is pretty tense. Anyway, I feel like you shouldn’t put too much trust in the hype of those “low-risk arbitrage” schemes—first figure out whether you’re actually helping someone else pay their fees. A hummingbird’s habit is to go check wherever there’s nectar, but first make sure that flower isn’t someone else’s trap.