Recently, I've seen people again focusing on large on-chain transfers and hot/cold wallets on exchanges, and then starting to interpret it as "smart money coming in." Frankly, many times the real intelligence lies in order priority: you think you're trading with the market, but in reality you're competing with "who can jump the queue, who can push you to the back."

This issue of MEV affects not just high-frequency traders. Ordinary users placing a slippage limit or doing a one-click swap basically have their extra paid or their small gains eaten up by order prioritization, but the bill won't say "thanks for the support."

In governance meetings, everyone loves to talk about "fairness," but once it comes to order priority, they start pretending they can't see it—after all, the chain is transparent (transparent enough for you to be clearly squeezed). My current approach is simple: if I can set a limit price, I set it; if I can split into batches, I split; don’t think of yourself as a speedster competing against bots.