I've always thought that on-chain "fairness" is quite similar to waiting in line at the subway: everyone is in the queue, but some people can slip in through the side door. MEV front-running directly affects small retail traders' transaction prices and slippage. To put it simply, you think you're trading with the market, but in reality, someone sneaks in between, and your costs quietly increase a bit.

Recently, some people have been watching large on-chain transfers and unusual movements in exchange hot and cold wallets as "smart money." I find it a bit amusing and a little anxious to see this... Many times, these signals are just amplifiers of noise. The more you watch, the more it looks like chasing shadows. My noise reduction strategy is very simple: only look at the on-chain congestion and quotes at the moment I want to place my order. Don't treat others' movements as divine revelations; being mechanical makes it less likely to be driven off course by emotional feedback.