These past two days, I’ve seen new L1/L2 projects roll out incentives to pull in TVL again. In the group, veteran users keep complaining about “mining and selling.” While I watch, I can’t help thinking about options: the whole thing about time value—it really is something that slowly eats people away.

In fact, the buyer is essentially wagering against time. If your direction hasn’t played out, with each passing day the premium is like being chopped off bit by bit as if it were a “fee,” and the closer you get to expiration, the more panicked you feel. On the surface, the seller looks like they’re collecting rent, and time value is on their side—but really, you’re the one selling “tail risk.” You usually eat well for a long time, but if a needle prick actually shows up, it can make you spit out everything you previously ate… to put it simply, there’s anxiety up front, and anxiety afterward.

What I care about more right now is: don’t choose the expiration date at random, and don’t stubbornly hold your position. Before you hit confirm, think clearly about whether you can sleep through the worst-case scenario—then take a look again. That’s it for now.