My understanding of options is getting more and more shallow: the buyer is racing against time, while the seller is just lying back and cashing in on “time-delay fees.” Put simply, the time value bleeds away every day—when there’s no market action, it’s mostly eating into the buyer’s wallet; but when you get one of those sudden volatility spikes, the seller can also get time turned on them. And the little bit of premium they collected upfront is nowhere near enough to cover their mindset.

Lately everyone’s been chatting about RWA, US Treasury yields, comparisons of on-chain yield products, and all that… To be honest, I’m slow to pick up on things—I just feel like the word “yield” gets used everywhere like a pillow. Anyway, as someone who picks up scraps, I’d rather have fewer daydreams and do a couple more rounds of figuring things out: time—at the end of the day, who is it really working for? That’s it for now.