Last night, I managed to catch two more liquidation waterfall events, and I casually checked who was “cutting in line” in the same block. To put it simply, MEV isn’t anything mysterious—someone is just better at lining up, and they’re also more willing to spend money to抢 the front of the queue. Who does this affect? Small traders usually don’t feel much, but if you swap on a DEX for something a bit larger, the slippage suddenly increases, and the execution price skews a little. In many cases, it’s not your hand shaking—it’s that the order gets changed by someone else.

I used to be pretty obsessive. I kept saying, “I only look at on-chain data—don’t tell me narratives.” Later, I realized that’s not entirely right. During airdrop season, with an points system like this plus a task platform that’s anti-sybil/anti-bot, everyone ends up “competing” like it’s work. Chain activity gets guided by “rules,” and MEV ends up being more likely to target the softest targets: lots of people doing the same action at the same time—too easy to go after. The word “fairness” sounds big, but in practice it’s this: when you broadcast that transaction, does it go through in the order you think it will, or is it treated as material by others… Anyway, I’ll keep蹲 at night and watch the data, keep the screenshots, and we’ll talk about it tomorrow.