Recently, I saw new L1/L2 incentives to boost TVL again, and a bunch of veteran users in the comment section complaining "mining and selling"... I instead think of this in terms of options: the buyer is buying time, and once the time is up, like an hourglass, they lose money even without market movement; the seller is selling time, collecting rent slowly, but the biggest risk is a sudden spike that bursts all the accumulated value. To put it simply, who does the time value eat away at? Most of the time, it first eats away at the impatient buyer, until one day the market turns around and starts benefiting the seller.

My biggest fear isn't slowness, but chaos: with slowness, I can still follow product iterations at a steady pace; chaos means rules and expectations change daily, and time becomes worthless. Anyway, these days I see market watching more like taking a walk—prefer to do fewer trades and not fight against time.