I just swept through the on-chain data, and the hype around sandwich attacks is back again—there are visible arbitrage opportunities everywhere. I might have charged in before, but lately I’ve been thinking more and more: in one sandwich after another, is what you make truly an opportunity, or are you just helping someone fill the fee pool? The rumor mill about stablecoin audits in the group has been flooding my feed too. Anyway, I’m solidly in the “calm” camp—I don’t want to keep staring at the chain and guessing people’s emotions. I’d rather see the actual direction of the fund flows. What I fear most isn’t not-slow—it’s chaos. Liquidity traps are harder to spot than just plain friction costs. I’ll leave it at that for now.