Lately I've been looking into MEV/ordering again, and I realize that people often argue about "fairness" but are actually arguing about the wrong target. Others think that front-running on the chain is "stealing retail investors' money," but in reality, it's more common that slippage, transaction paths, and Gas bidding are all mixed together, and in the end, everyone using the same chain at the same time bears the cost, even market makers/arbitrageurs are forced to get involved.

The macro side is quite similar: when expectations of interest rate cuts change, discussions about the dollar index and risk assets rising and falling together resurface, but the on-chain system is more direct—who can see earlier and push into blocks faster has the advantage. To put it simply, front-running isn't just about making money out of thin air; it's about taking away the part where others could have had a better transaction.
Anyway, when I look at the protocol revenue table now, the hidden taxes related to ordering aren't included, and I always feel it's a bit dishonest.