I think about this article often. Not about the details of the arb setup, but the fact that arbs need to happen for so many protocols.
The role of finance in a way is to stabilize instabilities. Protocols need to embrace some type of "unsolvable conflict" to find pmf.
https://twitter.com/guil_lambert/status/2010796641691766862

Twitter

The cryptocurrency market stands at a crossroads, preparing itself for what will happen next. With the ongoing volatility of the financial landscape, Bitcoin ($BTC) has reached a condition of essentia...

Bitcoin Price Stagnation Signals a Massive Volatility Expansion Above the $71,000 Resistance Level

Monthly stablecoin volume reached $7.2 trillion in February 2026, surpassing the Automated Clearing House (ACH) network for the first time, which had $6.8 trillion.
ACH is an outgoing payment system...

Stablecoins have moved more money than the core US financial system.

President Trump's April 1, 2024 speech on the Iran conflict predicted another two to three weeks of intense military airstrikes, halting the brief recovery of the US stock market...