Yesterday, I looked at a few on-chain "queue-jumping" cases. To put it simply, the first ones to be hit by MEV are not those who earn a little more, but ordinary people who think they are lining up when in fact they are being reordered. You place a swap, set a conservative slippage, but you could still be caught in the middle and pay some "invisible tax"; it's even more obvious on lending platforms—liquidations and frontrunning make already tight positions more likely to be pushed off a cliff.

Some people keep an eye on large transfers and unusual activity in exchange hot and cold wallets, shouting "smart money is coming." I personally don't trust this intuition-based approach much; often it's just settlement, aggregation, risk control, and reallocation, which has little to do with your transaction experience. For me, the only standard for fairness is: how much does the actual cost of your transaction differ from what you thought the execution path was? The greater the difference, the more the system seems to be squeezing retail investors. That's all for now; I'll keep observing.