1. The put option is exercised, the market maker has the right to buy from the option vault 1 ETH at the strike price of $1,750.
2. The user would have still collected $250 USDC worth of premiums from selling the option
3. Net USDC position: $1,500 (spot price) - $2,000 (strike price) + $2,500 (initial position)+ $250 (premiums) = $2,250 (-10%)
4. The user would have made a loss on his/her net USDC position by 10% by selling the put option.