Last night I stayed up until 2 a.m. watching the market, and casually looked at a few on-chain transactions. That kind of MEV “front-running” really is quite annoying: you think you're queuing in the open market, but in reality someone with a faster route and a better understanding of the rules is snatching the price difference ahead of you. To put it simply, it's not the “fools” who get hurt, but the normal users' expectations—slippage increases, trades become strange, and in the end, they start doubting whether it's their own mistake.

Recently, the “yield stacking” of staking and shared security has been criticized as a copycat, and I can understand: if the underlying ordering isn't even fair, stacking a yield story on top of that is more like everyone squeezing into the same pool, and in the end, who bears the cost... probably not the bots.

Now I trust data more than intuition; I don't believe intuition much anymore. In this game where “someone has seen the answers in advance,” intuition is too easy to comfort oneself. Data at least tells me whether I lost out on the direction or got front-run. That's all for now, coffee is refilled.