These past few days, watching the options curve, I started to find it a bit funny: the buyer is basically racing against time, with the time value bleeding daily, waiting to be "slowly eaten" if the market doesn't explode; the seller, on the other hand, is like running a small shop, collecting premiums, and as time passes, the position becomes more favorable to you, but if a wild market move happens, it’s like kicking over the stall—really painful. To put it simply, who is time value really eating? Most of the time, it’s the hesitant buyer and the overly confident seller…

Recently, new L1/L2 projects have started throwing incentives to boost TVL, and old users complain about “mining and selling,” which to me feels like the landlord collecting rent: it’s pretty comfortable most of the time, but if a backlash comes, it can be quick. Next time, I might prefer small positions as insurance buyers, while larger positions should stick to honest rebalancing… Are you now more willing to be friends with time, or do you prefer to gamble against it?