A common response to the discussion this week about aggregator spoofing has been: just set the slippage tightly.
And a common response to that has been: in order to trade memecoins and low-liquidity assets, users need to set high slippage tolerances.
The current system does not allow a user to express a trading intent and get it finalized on a blockchain without multiple middlemen taking advantage of it.
The leakage is because routing is off-chain and based on delayed information, because searchers can introspect pending transactions, and because wallets can sell order flow to searchers.
For these fundamental reasons, the crypto offering is currently worse than what exists in traditional finance. We have frontier assets, but those low-liquidity assets are especially in need of execution protection.
That's why order encryption and on-chain order routing matter. That's what we're building.