Over the past two days, the group has been circulating screenshots again about stablecoin regulation, reserve audits, and “de-pegging.” Once emotions start to run high, everyone loves to rush. To put it plainly, a lot of the “queue-jumping” on-chain is also fueled by this: you think you’re lining up in order to swap coins, but some people can see your order first, push in ahead of you, and in the end the slippage and fees land on you.

I’m just someone who watches on-chain fund flows every day. And it doesn’t feel like the biggest impact is on “pros,” but on ordinary people—the moments when they click one-tap market price, chase what’s hot, and the more anxious they are, the more they can’t wait to hit confirm. The more panicked you are, the easier it is to get sandwiched; the more excited you are, the easier it is to chase the highs and get picked off little by little… Anyway, I’d rather go slower now—use limit orders, split orders. If I miss out, then so be it—just don’t end up handing someone else the order-sorting fees.