Recently looking at MEV/ordering, basically it’s about someone being able to cut in line ahead of you. The biggest impact isn’t necessarily the “retail investors getting cut” narrative, but more those small trades, market-making, and margin positions on the edge of liquidation where slippage is already tight: getting slightly grazed, resulting in failed transactions or being taken away at worse prices.

On-chain, it’s actually quite honest—whoever pays to buy order priority gets to go first; it’s just that everyone loves to call it “fair” in words. The fee rates have been extreme these days, whether arguing in the group about reversing or continuing to pump the bubble, I instead see it as a mirror: the more frantic the emotion, the more valuable cutting in line becomes, and in the end, the cost still falls back on the most impatient traders. That’s all for now.