I recently watched a live demonstration of on-chain trading, and among projects with a market cap of just a few hundred thousand dollars, a profit of over $90,000 was extracted—there's definitely something there.

There has been a lot of discussion online, but to be honest, most opinions stem from a simple reality—those who haven't spent any money feel uneasy. This is normal, but it also reveals a problem: many people don't realize that this isn't about whose vision is more insightful, but about who can use their tools more skillfully.

From a technical perspective, this trader has truly pushed the limits in terms of equipment, network, monitoring, and on-chain tools. Especially in their understanding of certain on-chain analysis tools, which is clearly beyond what ordinary retail investors can compare to. As some developers have said: "I give you the best tools, but you don't know how to use them."

Looking deeper, this reflects a strange phenomenon in the current on-chain trading market—everyone has completely abandoned their obsession with fundamentals and is fully focused on the question of "who can enter the market earlier." The entire ecosystem is competing in reaction speed, information gaps, and proficiency with tools.

MEV, internal competition, mutual sniping... these words are no longer predictions in on-chain trading but everyday reality. The logic of value investing has long since died here, leaving only naked timing games. When this cycle will be broken, no one knows.