Recently, I was once again educated about "time value" when looking at options.

Buyers are like buying movie tickets; if the plot doesn't hit the climax you expected, the ticket becomes invalid;
Sellers are more like purchasing a gym membership card, people sign up every day but may not come, and after some time, you earn that small amount from "no-shows."
To put it simply, who is time eating?
Most of the time, it first eats the buyer's patience, especially if you haven't chosen the right direction/volatility, the longer you drag, the more uncomfortable it gets.

But sellers are not just lying down to win; when faced with a black swan, they act like selling an umbrella—collect small fees on sunny days, and lose the umbrella plus compensation during heavy rain.
The same logic of contract auditing can also be applied: first look at permissions (is the maximum loss capped), then examine the logic (what are you relying on to make money, and who might make mistakes).

By the way, recently, everyone has been talking excitedly about modularization and the DA layer, but users look confused…
The same goes for options: the narrative sounds beautiful, but in the end, it still depends on whether you can withstand "time slowly wears you down."
That's all for now.