Recently, I've been watching on-chain transactions, and the most annoying thing is still "cutting in line": You think that clicking swap means you're queued in order, but in reality, someone in front (whether a bot, miner, or sequencer) sees your order first, moves the price slightly in advance, and you end up getting a worse deal. To put it simply, the biggest impact isn't from large traders, but from ordinary users who can't afford large slippage, especially when new L1/L2s are offering incentives and TVL is skyrocketing. Everyone rushes in to mine, buy, and sell, causing congestion and cut-ins, making the experience very bad.

Right now, I can only keep track manually: try dividing the same amount into several transactions at different times, record the actual transaction price differences and failure rates, and treat it as an "invisible fee." Whether it's fair or not isn't worth arguing about; anyway, this part of the cost isn't quantified, and it's easy to make the annualized return look good, but when reconciling later, it's all missing.