In the middle of the night, I’m again looking at large orders on the options chain, and the more I look, the clearer it becomes. To put it simply, time value is like dripping water every day: if you're the buyer and do nothing, it will slowly eat away at you; if you're the seller, watching that small premium feels like collecting rent, but you also know that when big volatility hits, it could wipe out all the small gains you've made before, and it might not even be enough.

Recently, everyone’s been talking about modularization and the DAO layer, and I can understand the excitement developers feel when they finally get it right, but ordinary users are mostly confused: what does this have to do with me just swapping something… Anyway, the more the narrative heats up, the easier it is for implied volatility to be inflated, making options more expensive for buyers and sellers seem like they’re walking a tightrope.

Why am I so calm? It’s a habit: before placing an order, I take a screenshot of my position and save it in an album, then lock my screen for ten minutes and look at it again. If after ten minutes I still want to buy or sell, then it’s really me, not my emotions. That’s how I start.