To be honest, options are really a soft knife—time. Buyers always feel like, “I still have time to wait.” Then every day they wake up and check their account, and that little bit of premium slowly dwindles away, like an ice pop melting gradually in the sun. Sellers, on the other hand, are basically rent collectors—steady as can be. They just lie flat and collect time value; as long as you can’t stir up anything before expiry, they profit from that “patience fee.”

Recently I’ve been seeing a lot of people discussing RWA and on-chain U.S. Treasury yields. It’s basically the same thing. You think it’s stable interest-bearing, but underneath there could be a liquidity squeeze or curve distortion—just that, for now, the knife hasn’t fallen.

I think it’s easier for the buyer side to lose their composure. Time stands on the seller’s side. Straight talk: it’s basically using liquidity to bet on direction. Those recent RWA products with high APY look like easy money, but you have to think clearly whether you’re truly buying or selling. With structured products like on-chain U.S. Treasuries, once you buy in, you’re betting that its yield rate won’t suddenly reverse, while time still devours your opportunity cost.

Anyway, for someone like me who’s been cut before, I’d rather be a seller and collect a little money than get cut, knife after knife, by time. That’s it for now—don’t ask whether I made money. I can only say the tuition fees paid were pretty real.