What Is the Role of “Implied Volatility” in Options Pricing and How Does It Relate to Fee Market Congestion?

Implied volatility (IV) is a market's expectation of an underlying asset's future volatility, derived by solving the Black-Scholes model backward. High IV leads to higher option premiums.

Similarly, fee market congestion reflects the market's expectation of high future demand for block space, leading to higher current transaction fees. Both are market-driven estimates of future uncertainty and cost.