Coin Metrics' State of the Network • 0 implied HN points • 17 Mar 26
- Huge single-block orders can catastrophically fail when routed into very shallow liquidity, turning a $50M swap into a roughly $36K outcome.
- Routing and aggregator failures, like stale quote‑verification, sent the trade into an illiquid pool. MEV bots and block builders then captured the bulk of the value instead of the trader.
- Better pre‑trade data and smarter execution—splitting large orders across time and venues (TWAP/algorithms), plus protocol guardrails or protected execution channels—are needed to reduce extreme price impact and limit MEV exposure.