These past two days I’ve been looking into MEV/ordering issues again. Basically, it’s when someone on-chain can “cut in line,” inserting your swap in the middle to take a bite. The biggest impact isn’t that dramatic “stolen money” scenario, but rather the slippage, the altered execution path, and how even impermanent loss for LPs gets amplified by a little bit… these little cuts to the flesh are pretty exhausting to watch over the long run.

Especially when funding rates swing to extremes, people in the group argue about whether to reverse or keep squeezing the bubble. I’m actually more concerned with this: once that kind of emotion kicks in, on-chain matching gets even more frantic, the profits/returns from cut-in-line opportunities are higher, and ultimately who bears the costs? Most of the time, it’s the ones chasing price moves plus the honest liquidity providers. Anyway, I’m more restrained with LPs now—I’d rather earn less than get “fairly” educated during crowded periods. That’s it for now.