I just watched on-chain trading for a while, and then I saw a few MEV bots blatantly cut the line, eating the slippage dead on. Honestly, retail trades get stuck in the middle—it feels like in the rain, everyone is lining up, and suddenly someone squeezes in from the side. It’s really annoying. But the data is there: this kind of “cutting in line” is actually part of the game, even if ordinary people really can’t keep up with the pace.

Recently, all that RWA stuff seems to be comparing with U.S. Treasury yields—on-chain yield products look like they’ve become a hot commodity again. But I think, don’t over-romanticize it. In plain terms, it still comes down to the underlying assets and liquidity. The MEV ordering problem is the same—fairness is an ideal; in reality, whoever runs faster calls the shots. That’s it for now. I’ll keep watching the order book—if I need to cancel, I’ll cancel.