In crypto, you have centralised (e.g. Coinbase) and decentralised exchanges (e.g. Uniswap). Decentralised exchanges operate onchain via smart contracts. This a

In crypto, you have centralised (e.g. Coinbase) and decentralised exchanges (e.g. Uniswap). Decentralised exchanges operate onchain via smart contracts. This article from a16z explains the mechanics of reordering transactions for profit (MEV): https://a16zcrypto.com/posts/article/mev-explained/ https://a16zcrypto.com/posts/article/mev-explained/