Lately, watching on-chain transactions, it increasingly looks like queuing to buy bubble tea: you honestly place your order, and a bunch of people behind you use "cut-in line coupons" to push you out... MEV, to put it simply, is about taking the right to reorder transactions and cashing in on it. Who does it affect? Small investors the most: slippage gets eaten, transaction prices worsen, and they think they’re slow, but actually they’ve been manipulated. What’s even more annoying is that Gas fees are also skyrocketing; I’m allergic to Gas and it just breaks my composure.

The person next to me is still complaining, “You research for a while to save a few bucks, and in the end, isn’t it just being exploited by bots?” I don’t know how to respond, I can only say at least I can choose cheaper chains, set limit prices, and avoid chasing when I can—just to protect myself.

Recently, everyone has been comparing RWA and US Treasury yields to on-chain yield products. Listening to that just gives me a headache: no matter how stable the yield looks, the ordering and cut-in line issues are unstable, and the experience still feels very mysterious… Anyway, I’m now more concerned about the small matter of “transaction fairness.”