Someone asked me, who exactly is being harmed by on-chain front-running (that MEV stuff)?

My first instinct isn't "retail investors," but rather "the group of people who believe in fairness the most in the narrative."
To put it simply, you think you're lining up to buy tickets, but someone slips in money through the back door, and of course you won't go bankrupt immediately, but you'll start to doubt: why should I take this seriously anymore...

And it’s not just about the transaction itself, but more about the dissemination rhythm: in the same wave of hype, the front-runners get a cleaner price curve, while those who come later can only pick up shards of broken glass.
Recently, I’ve been thinking about blockchain games with inflation + studio + coin price spiral crashes, and it’s quite similar—ordinary players think they’re “playing,” but in reality, they’re providing liquidity for those who are better at front-running and arbitrage...
Anyway, now when I see the words “fair launch,” I pause for half a second, thinking about who’s really controlling this team.
That’s all for now.