Lately, I've been looking at on-chain swaps, and the more I watch, the more it resembles that layer of "transparency" in watercolor — you think it's an opportunity, but in reality, someone is just scraping away a layer of paint to take you for a ride. As for sandwiches, honestly, it's not about your quickness or slowness; it's that your order placement exposes the route and intent immediately. Arbitrage bots are just collecting "information fees + slippage taxes."

Now, when I encounter obvious price differences, I also tend to suspect: Is this spread specifically designed for me to pay the fee? Especially recently, everyone’s been watching testnet incentives, points, and in the group chats, daily guesses about whether the mainnet will issue tokens. The on-chain noise is even louder, liquidity is thin, and slippage feels more like a trap. Anyway, I prefer to do fewer trades, set more conservative parameters, and if I can't make a profit, so be it — at least I won't become someone else's KPI.