Lately, I've been hearing people talk about MEV, ordering, and so on. Basically, on-chain there are also people who can "cut in line." You think you're lining up in order, but in reality, someone in front of you has slipped in a VIP card. The biggest impact isn't necessarily on the big players; it's more on small investors, those chasing hot topics, with loose slippage settings: their transaction prices get squeezed, losing a little but feeling especially frustrating.

My kind of Risk Off investor, when the market heats up, tends to reduce some positions first, mainly because I’m too lazy to compete with the "line-cutters" in speed. Now, comparing RWA and US Treasury yields with on-chain yield products, I just think: the returns look similar, but the risk structures are quite different, especially during extreme volatility, where this "hidden cost" of order priority can suddenly amplify.

As for what I mean by "long-term," it’s not some grand narrative of a year… for me, probably about a quarter. If I can survive two or three emotional swings and still withdraw according to plan, that counts. Anyway, earning a little less is fine, just don’t get front-run to the point of liquidation.