I treat “simple” as a trap.

Lately, when it comes to block builders, a lot of people teach you that “retail investors just need to understand bundles,” but bundles are only the surface. It’s like when funding rates get extreme—everyone argues whether it’s a reversal or continued squeezing, yet both sides may be describing the same underlying mechanism from different angles. I’m slower; I want to ask one level deeper: where does the builder’s ordering power come from? Where do the relays’ trust assumptions lie? The places where these structures are asymmetric are the gaps where your fees get siphoned away and your MEV gets taken.

Anyway, that’s what I’m doing now: when I see the phrase “simple understanding,” I get on guard first. I’d rather spend an extra half hour and map out the full closed loop.