I’ve been looking into MEV again. Basically, it’s the idea that—even on-chain—someone can “cut in line”; it’s just done through ordering priority. On the surface, it looks like arbitrage bots are taking a few cents, but in reality it affects ordinary people’s execution: you think you’re getting filled at the price you clicked, but you get squeezed between others, so slippage gets worse, your trades get worse, and sometimes a single swap turns into someone else getting the win.

I don’t like to moralize it; it’s more of a structural problem. Whoever can decide the order of transactions can effectively reprice “fairness.” It’s also kind of interesting that everyone compares RWA and US Treasury yield rates to on-chain yield products. Even if on-chain returns are higher, once you run into these sneaky ordering costs, the user experience just doesn’t feel as appealing… I treat complexity as the enemy. Wherever there’s an option to use auctions / public ordering and reduce black boxes, I’ll go that way first—sure, even if it’s slower, I’m fine with it.