Recently, I've been watching on-chain transactions, and someone always says "Another arbitrage opportunity caught," but I increasingly feel that most of the time, what you're seeing is just someone else's faster hands and closer routes, while conveniently treating you as a source of transaction fees. Like the sandwich attack, the feeling is that at the moment you place an order, the price gets squeezed a bit, and when you look back, the slippage is slightly more than expected... Basically, it's a lesson learned.

Over on Layer 2, they’re constantly comparing TPS, fees, and subsidies, making a lot of noise, but for ordinary users, the most practical issues are: more complex routing, more fragmented matching, and more diligent bots. Anyway, I now try to place smaller orders, chase less, and set the slippage a bit tighter—better to miss out than to be "fed" liquidity. In the long run, liquidity will propagate, but in the short term, it really tests your mental resilience.