Recently, I've been looking at the MEV "queue-jumping" tricks again, which basically means whoever gets the ordering rights gets to eat first. The biggest impact isn't actually from those who specialize in sandwich attacks, but from ordinary people: for the same swap, slippage is pushed higher, transaction prices are slightly stolen, and over time this becomes an invisible tax; further downstream, arbitrage pulls the pool price back, looking at "efficiency," but the tail of volatility becomes more lucrative, and when collateral positions hit chain liquidations, it becomes very uncomfortable, making contagion between protocols even easier.

On the macro side, everyone is talking about rate cut expectations, the US dollar index, risk assets sometimes rising together and sometimes falling together, with a lot of noise... My own way to cut through the noise is simple: first, ignore emotional posts, and directly monitor on-chain transaction failure rates/slippage distribution and liquidation trigger zones. If the data is off, reduce your position. The excitement is there, but don’t let the order flow be used to harvest your liquidity.