I feel that when it comes to “cutting in line,” the biggest impact isn’t from those who rush the fastest, but from people like us who are a bit slow and just casually swap at market price… Sometimes you think slippage is the market shaking, but actually it’s the order sorting that squeezes you into the middle.

I’ve been watching a few on-chain swap transactions lately—trades that came in at the same second before and after, yet the results were wildly different. Basically, it’s someone who’s better at lining things up, even able to treat you like “fleeting liquidity” that happens to be passing through. The most frustrating part isn’t that it’s as simple as “someone’s making money off your funds,” but that it chips away at everyone’s trust in how prices are formed.

And now it’s the same thing every day—talk about staking unlocks, unlocking calendars. The more people there are who feel anxious selling pressure, the livelier the chain gets, and the bigger the space for cutting in line. Anyway, for my part, if I can use limit orders, I will—I’d rather get fewer fills than be someone else’s fuel… That’s it for now.