I am increasingly convinced that the biggest difference between options buyers and sellers is "who is really eating the time value." Buyers wake up every day racing against time, slowly bleeding even when the market is flat; sellers see the premium as quite attractive, but when volatility actually increases, their heartbeat skyrockets, and margin requirements are no joke. In plain terms, they are exchanging tail risk for small change.

Recently, the disputes over NFT royalties are somewhat similar: creators want continuous income, secondary markets want smoother liquidity, but in the end, it's still time and friction costs that are swallowing money—just from different positions. Today, after watching on-chain lending utilization rates for a long time, my eyes are getting sore... I personally prefer to lower leverage a bit and avoid being the one "collecting rent for free."