$net is stopping being a token and starting being a balance sheet. each engine, and what it does for the token:
โ reserve: $10m+ usdg in morpho plus a $3.7m stock sleeve. the floor under every net
โ bond desk: subscriptions buy stock through rialto, ~$98k a day. backing per net rises on every fill
โ standing bid: manager buys net at 2x nav, going to 3โ4x. bought net feeds bonds instead of minted net. kills the bond half of daily inflation
โ staking: 90% of supply locked, no net outflow day in the last eleven. the base doesn't leave
โ casino: subway runner, boardroom, dial up, 40k plays. the zapper buys and stakes net for every player. demand with a lock on it
โ market maker: lp book on the stock pools, ~$6k a day base case. fee income from the chain's own trading, paid into the reserve
โ credit vault: netnet credit on morpho, lending usdg into stock collateral markets. interest plus a performance fee from borrowers who aren't net holders
seven products that would be seven projects anywhere else.
here they all route to two numbers, backing per net and usdg per net. and the front door is a game.
starting to think even my default bullishness and understanding here is behind what this is and what is coming... time will tell.