Lately I've been really focused on options trading... To put it simply, the time value is biting everyone every day, it just depends on which side you're on. Buyers are most afraid of being right about the direction but not fast enough; if the market drags on for a few days, it can wipe out your gains. Sellers feel pretty good slowly eating up time, but if there's a sudden surge or drop, the premium they collected earlier might not be enough to cover the loss. Anyway, right now I care more about "whether I can endure" rather than "whether I'm right."

By the way, thinking about NFT royalties, everyone arguing whether creators should keep earning money is actually quite similar to options: if you want uncertain future returns, you have to accept that liquidity/pricing might bite back at you; if you want smooth trading, you might have to make some "ongoing fees" thinner. Sigh, it's hard to have both. That's all for now, I'll keep watching active addresses and net inflows, and not be fooled by surface TVL.