Just chatted with a friend about this. Got some thoughts.

From a yield farming perspective, things getting too competitive is not great.

But from a strategic standpoint, the more competitive it gets, the higher the profits.

Because the more people playing, the fiercer the profits. It's true for any market.

In the end, it comes down to making money based on your skills.

Perp arbitrage isn't that competitive anymore. But there's not much profit left in it either.