Lately, I've been a bit annoyed watching the options market: buyers wake up every day being drained of time value, losing money even when nothing happens; sellers seem to be collecting rent on the surface, but are actually holding onto tail risk, sleeping with it in their arms, and if a big wave hits one day, they'll be swept off the bed. To put it simply, who is time eating? Most of the time, it's the buyers, but when the market turns, it's the sellers who end up spitting it out, still with principal and interest.

By the way, these past couple of days, before and after the main public chain's upgrade/maintenance, everyone in the group has been guessing whether the ecosystem will move. I just feel that this kind of "waiting for a result" sentiment is perfect for grinding the buyers to death. If a migration expectation actually materializes, volatility becomes the core of pricing. Anyway, I care more about who is selling these stories, whether the margin is sufficient, and who will foot the bill if things blow up... After seeing so many proposals, the most frightening thing is a ledger that looks perfect, while risks are hidden in the corners.