Recently browsing on-chain transactions, looking at sandwiches and various arbitrage opportunities, my mood is a bit complicated. You think you've caught a price difference opportunity, just click and you can earn, but it turns out more like you're paying others' fees—especially when slippage is large, even though you made the first move, in the end, you're the one losing out.

Now someone is comparing RWA, US bond yields, and on-chain yield products all together. I think we should be more cautious: the returns look stable, but who can tell how many "hidden costs" are packed into the path? Anyway, I have one principle: don't get carried away with your positions, chase as little as possible, don't be scared by one or two candlesticks, and don't be fooled by one or two "opportunities." It’s like sightseeing and riding a roller coaster at the same time, so I’ll leave it at that.