Steeping - It's not quite like tea because you usually remove the tea leaves before drinking, but that's where the word came from. juice flavour can change over time. Certain carriers, like alcohol, might evaporate, while flavours mix and combine. Sometimes ejuice is great as soon as it's made, and in other cases it gets better (or worse) after a few days, weeks or months.
[this is a copy and paste of my old post--this has been discussed here for years
Steeping eliquids is all about "diffusion" per Hoosier and Kurt--who just happen to be experts on the subject.
Steeping explanation
Steeping is highly overrated and overhyped. Unless you DYI or buy fresh NETs, taste your juice when it arrives--if you like it, vape it. If you don't like it, let it sit for a while... It may get better, but it may also get much worse. Eliquid flavors will change with time no matter what you do; I like some of my favorite juices when they are very young, others taste better--to my taste buds--after a while. We're all different. YMMV.
Taking the cap off has nothing to do with steeping. You leave the cap off overnight only if your eliquid has an overpowering odor--alcohol, perfume, etc.--and you want to get rid of that. With any luck, those offending volatile molecules will evaporate.
IOW, your juice should be at least tolerable/vapable fresh out of the box. If it isn't, then steeping may not help at all. Sorry.
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