Last night before bed, I was browsing on the blockchain and saw someone arguing about whether MEV "front-running" counts as theft. To be honest, it hurts not the big players the most, but rather ordinary people who don’t have time to watch and just want to quickly swap tokens with one click: getting slippage eaten, transaction prices pushed up, the feeling is "why is it more expensive every time I buy." Market makers and arbitrageurs are also affected, but at least they know who they’re fighting against and can hedge with more aggressive quotes/protection orders.

What’s even more annoying is that many on-chain data tools’ tagging systems are criticized for being outdated or even misleading… You think you understand "certain bot/address," but it might actually be a script someone wants you to see. The essence of sorting is who sees first and acts first; I can’t say whether it’s fair or not, but someone is silently paying the transaction costs. Anyway, when I look at on-chain data now, I first assume the information is imperfect, then think about how to factor the worst-case scenario into my expectations.