Many people cannot understand the recently popular $NET.
In fact, you can imagine NetNet as a:
“On-chain asset reserve fund + RWA game company.”
It is not an ordinary meme or just a fund that buys US stocks, but combines issuing tokens, treasury, tokenized stocks, and on-chain games into a whole economic system.
First, let's talk about its relationship with OHM.
NetNet is not a new project from the OlympusDAO team, nor is there evidence of an official collaboration between the two parties.
More accurately, it is a modified version redeveloped on the OHM v1 mechanism.
The core gameplay of OHM back in the day was:
Issuing a token supported by treasury assets;
Absorbing funds through discounted bonds;
Gradually converting liquidity into the protocol's own;
Continuously minting new tokens for stakers.
NetNet retains the core structures of Treasury, Bond, protocol-owned liquidity, and Rebase Staking, but has made several changes:
First, the speed of minting new tokens is decided by a formula.
When the market price of NET is above NAV, the protocol mints new NET for stakers; the higher the premium, the faster the minting, up to 0.45% every 8 hours.
Second, a buyback mechanism near NAV has been added.
When the price is below NAV, the protocol can use part of its liquidity reserves to buy back and burn NET, but the buyback amount is limited, and it does not mean that everyone can redeem at NAV at any time.
Third, RWA and gaming products have been added.
The project aims to continuously funnel funds into the treasury and RWA asset pool through bonds, transaction taxes, tokenized stocks, and mini-games.
In simple terms:
OHM mainly solved the question of "how to convert token premiums into protocol treasury";
NetNet aims to further address "what products can continuously generate transactions, revenue, and assets."
How does it actually work?
The protocol issues NET, with the treasury mainly holding USDG, Morpho deposits, and protocol-owned liquidity, so each NET is backed by a certain amount of on-chain assets.
When the price of NET exceeds the treasury NAV, stakers will receive newly minted NET.
This is also the source of the project showing ultra-high APY.
But it must be understood:
What it issues is new coins, not dollar profits.
It's like a cake being cut into more pieces; the number of pieces you have increases, but how much each piece is worth ultimately depends on whether the cake itself has grown bigger.
NetNet attempts to increase the size of the cake through several paths:
1. NET transaction tax
Some trading venues charge a 5% fee on trades, which goes into the protocol treasury.
2. Bonds
Users purchase discounted NET with USDG; part of the funds goes into the on-chain treasury, and another part purchases Robinhood Stock Tokens like NVDA, AAPL, SPCX.
3. On-chain games
The project has launched products like lotteries, unboxings, Coin Flip, flight games, and TURBO, generating cash flows through transactions, fees, and asset purchases.
Thus, it hopes to form such a cycle:
More games and users
→ More NET transactions and fees
→ More USDG and RWA assets
→ Treasury continues to grow
→ Higher asset backing for each NET
→ Attract more holders and stakers
On the team side, the core person currently appearing publicly goes by the name "Al Dunlap."
According to the founder's account in a public interview, he previously worked at Dapper Labs and participated in the early development of NBA Top Shot, and also experienced market-making during the FTX period.
However, these credentials mainly come from personal interviews and community retellings; official credential verification from previous employers like Dapper Labs has not been seen yet.
The project side also stated that they had communicated with the Robinhood team regarding the RW-Play direction, but currently, there is no formal announcement of cooperation, investment, or endorsement from Robinhood.
Therefore, a more accurate statement is:
NetNet is a third-party project deployed on the Robinhood Chain and using Robinhood Stock Tokens, not an official Robinhood product.
The team's transparency is also a significant shortcoming at the moment:
No complete member list, real-name identities, legal entity, or independent audits are sufficiently disclosed; part of the RWA assets is held in a Safe controlled by the team, and the publicly disclosed configuration is still 1-of-1, posing a single-point management risk.
So my understanding of NetNet is:
It is not an air project.
Products, contracts, and assets do exist, and the team's execution speed on products is indeed rapid; its modifications to the OHM mechanism and the idea of integrating RWA and games into the treasury are genuinely creative.
However, it is also not a wealth management product that "stably earns 1.2% every day."
According to the research snapshot, the real on-chain treasury is approximately $2.62 million, and about $1.41 million belongs to the RWA Sleeve managed by the team; at that time, the market price of NET was about 20 times the formally backing on-chain.
In other words, what the market is mainly purchasing is not existing assets, but high expectations for the team, products, and future cash flows.
To ultimately judge whether NetNet can succeed, one should not only look at APY and token price but continuously observe three things:
Is there an increase in the asset backing of each NET in the treasury?
Is the growth coming from real transaction fees and product revenue, or mainly from new user injections?
Can the treasury grow faster than the issuance rate of NET in the long term?
Understanding the reflexivity of OHM, along with these three points, generally helps to understand NetNet.
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