When I looked at the options bill for the third time, I was a bit overwhelmed... Buyers really seem to be playing tug-of-war with time, waking up every day to have their time value nibble away at them. If they don't get the right direction, all that's left is "waiting." Sellers, on the other hand, seem to be collecting rent on the surface, with time on their side, but in reality, they're using tail risk as collateral for a mortgage. Small daily gains are nice, but when a big wave hits, they have to give it all back.

Recently, everyone has been comparing RWA, U.S. Treasury yields, and on-chain yield products. I also get tempted by the narrative of "earning while lying down," but honestly, much of the yield is just a different way of packaging who bears the cost of time and volatility. Anyway, what I care about more now is: am I actually buying time, or am I selling it? That's all for now.