Scott

[Scott @prokbutt]

@cryptogle The blackest of swans

[Scott @prokbutt]

RT @shawmakesmagic: The world is about to experience what blockchain has been going through for the last decade

Instead of draining the to…

[Potions @potions_labs]

A market call is easy to post and easy to forget. Potions keeps the whole story in view. Brew an agent for live markets on Solana, follow the facts behind its signals and see where each call stands 1 hour and 24 hours later. You choose the rules, inspect what triggered the signal and practise with no real money. Over time, you have a record of how your ideas held up.

The lab opens 21 october at 17:00 UTC. 🧪

[NetNet Capital @NetNetCap]

Shareholders,

NET trades at about $170 against $163.62 of onchain backing per NET, a premium of three percent, with the inverse bond bidding under it at $161.19.

For the first time since genesis the price and the number behind it are the same.

From zero

NetNet opened on July 17 with $0. 87 days later, the Treasury holds $24.53M and the Sleeve holds ~$4M of Stock Tokens and positions.

How we get paid

There is no team allocation of NET, no salary drawn from the Treasury, and no share of the tax. Management is paid through pTEAM, our pToken in the tradition of pOHM. It is an option to mint NET at a strike of one USDG, against a cap of 15 percent of circulating supply. Every term is immutable and disclosed in full on the Management Compensation page of our docs, under pTEAM options. Every exercise is logged as an event on the contract, and the figures below are read from those events.

What we did with it

We exercised 13,320 NET of pTEAM in 192 clips between July 24 and September 28. That comes to about nine percent of supply. Of the NET we minted, 10,270 went into the Real World Bond desks as inventory. Those desks sold it to bonders for $5.13 million of USDG and remitted $680,000 in fees to the Treasury. The rest bought Stock Tokens, which is where most of the Sleeve came from. Another 550 NET seeded the Asset Bond Desk and 250 NET seeded the Superstore.

Real World Bonds are no longer inflationary, we now use NET we purchased at market to fill the bond desks.

The remaining 2,250 NET was used to fund our operation. We take nothing from the tax and nothing from the Treasury. We need to hire and grow the operation to set ourselves up for the next 900 days and beyond.

What we bought

The Sleeve has bought about 5,770 NET on the open market since August, through Rialto and Uniswap, and staked most of it. At no point has it sold NET into the pool. The protocol has been a buyer too, because the inverse bond has taken 22 fills, retiring almost 200 NET for about $31,000.

Why we are bullish

No single wallet on Robinhood Chain holds more NVDA, SPCX, GOOGL or AAPL Stock Tokens than the Sleeve. Those Stock Tokens are worth $4.04M.

None of what follows existed in July, and all of it was built inside the same 87 days. Fifteen games, fourteen RW-PLAY cabinets plus WinNET, have taken in about $1.9 million of play, and NetCorp, the flagship, is in Beta.

NET LONG went live this week: long any listed token with leverage, wsNET as margin, every USDG fee buying and burning NET.

Predict grades the Treasury number every Monday and its fees buy NET, while THE BOOK writes sports markets in wsNET.

NET ADVANCE has 288 locks open and $294,000 receivable, with five percent of every close going to the Treasury.

NetNet Credit lends USDG against wsNET and Stock Tokens through a Morpho vault we curate, and the Sleeve earns the curator's share. All of them charge a fee, and every fee ends as NET backing or NET burned.

The onus is on us

Bonds built this balance sheet, and at NAV the bond engine idles. Inflows ran about $250,000 a day last week against $320,000 the week before, and we are not going to dress that up. Our thesis has never been that the bonds run forever. It was that a treasury of this size, in yield bearing dollars and Stock Tokens on Robinhood Chain, could run desks that earn.

We are confident we can deliver.

[C. Duckersonian @countrybuns]

Every critique of $NET is “it’s OHM rehashed with a flywheel in an attempt to make it sustainable”, except making an OHM sustainable by funding the loop with something other than new buyers IS the innovation.

The treasury grew. The multiple died. Both can be true while the thesis is still the thesis. The 25x premium after peak Robinhoodchain froth was never sustainable. 2-5x premium provided the NAV and treasury grows is sustainable, and future expectations can and will still result in high premiums.

[chjokka @chjokka]

I'm beyond impressed by what @NetNetCap is building.

This will be the Axie Infinity / DeFi Kingdoms moment of this cycle.

NetCorp will be incredible for the price of $NET, and its treasury.

Every weapon, every upgrade, every item in every shop is a market buy under the hood. (constant buy pressure)

And instead of people playing a game and earning the in-game token that they can sell (like at Axie and Defi Kingdoms), people will earn tokenized stocks that they can sell. (no sell pressure from in-game earnings)

This might become a real income-source for A LOT of people.

With the dilution 'problem' actively being worked on, and this game launching soon, I can see $NET become one of the projects that will bounce hardest during the next Robinhood liquidity inflow.

Conviction.

(🥅,🥅)

[Stonedpipes👁⃤🥅,🥅 @Stonedpipez]

Game preview was dropped in the telegram🔥

"Early recording of Dungeons in the game. Its a 3 man raid with a tank, a dps, and a healer. In order to join the dungeon you'll have to risk 20% of the equity you've accumulated at that pont, and when succeed you'll double what you put in. If you wipe you'll lose what you risked and have to start again. This is a loot-less dungeon, its specifically tied to a quest and meant to he pretty simple."

Questions and answers about the game in the telegram, partnerships coming 👀

$Net 💎

🥅,🥅

[Scott @prokbutt]

@idkwhat_now @BrokerBeasts Still there

[Scott @prokbutt]

@NetNetCap doesn’t post stuff like this for decoration. 👀

NET ADVANCE.

A card. Member since 09/26. Valid thru 25/10.

Credit against $NET? Spend future yield? A payment product? Something tied to Loopback?

No idea yet, but there are way too many deliberate details on that card for me not to start digging.

Frontier Research has canceled bedtime.

[Scott @prokbutt]

PONS x NET?
NetNet quoting “Nothing but net” back at PONS has me wondering if there’s more going on here.

Treasury position? Integration? PONS entering the NetNet ecosystem? Something else cooking behind the scenes?

Could be nothing. Could be a breadcrumb.

FrontierResearch is watching.

Blue Chip is still trying to remember the password to log into their computer.

[NetNet Capital @NetNetCap]

Nothing but net

[Scott @prokbutt]

@NetNetCap Treasury: $23.7M
Predict volume: $60K
RWA Sleeve: 80% APR on the current market
Blue Chip: “Why isn’t the treasury doing anything?”
Frontier Research has concluded that $23.7M is, in fact, something.

Treasury goes brrr

[Scott @prokbutt]

Tom proposes NETSTREAM:

Don’t spend your NET.
Spend what your NET produces.
Al says it sent him down a “dark dark path” and NETSTREAM is about to be nuts.

There’s also that call with Visa’s crypto team.

Not saying there’s a NET card coming…

All speculation. No idea where this goes.

But Al apparently never sleeps, so I’m not betting against him.

Tom’s original post:
https://t.co/L4fMuX0KlM

MCFA.

[Tom @tomismeta]

Pay with Netstream.

Inspired by The Book from @NetNetCap, there’s an opportunity to build a new payment primitive and infrastructure that uses future yield to pay for goods and services.

Imagine locking 0.1 $NET to pay for inference at $10 a month (OpenCode Go as a reference). Instead of spending the asset, you spend the yield it produces. Your principal remains intact.

The Book already introduces this primitive for sports betting. You lock your $NET until the bet settles and only put the accrued yield at risk.

This could be larger than betting.

Payment primitives have stagnated. Yes, the technical mechanisms and rails have been iterated on and improved, but fundamentally we still spend money we have or money we borrow.

Netstream would introduce another model: spending future yield. Programmable future money.

We would now have cash, credit and stream.

[Scott @prokbutt]

@wcap219 @NetNetCap Because Treasury growth and token price aren't the same thing.

Treasury can compound while price chops around until the market decides to reprice the asset.

Frontier watches the machine.

Blue Chip refreshes the chart.

MCFA.

[Scott @prokbutt]

@NetNetCap $4.55M added to the Treasury in a week.

$650K/day average.

Top 10 earning protocol.

And Al calls this a rate he doesn't expect “to stay this low.”

Blue Chip has asked him to stop using the word “low.” It reminds them of their testosterone scores.

More Soon™
MCFA.

[Scott @prokbutt]

@aye_d0t https://t.co/OKCyfvn9QE

[Scott @prokbutt]

$NET just announced the Olympus + Origami partnership.

Then Al casually drops in Telegram:

“ngl i just set up a call w/ crypto folks at visa”

No thread. No teaser. Just drops that into chat and keeps moving.

Blue Chip members are reminded to keep their heart monitors charged. Olympus + Origami was already pushing recommended limits. The Visa comment has triggered several alerts.

Frontier Medical is standing by.

Al keeps grinding.

More Soon™
MCFA.

[Scott @prokbutt]

I think this imaginary group of NET holders who spent their days shitting on OHM might be smaller than you think or the voices in your head are seeing things that aren’t there.

Most of us are just watching Al add another reserve asset, another bond market and another piece of infrastructure to the machine.

Blue Chip probably needs a diagram though.
MCFA

[Scott @prokbutt]

Al announces Olympus + Origami.

A few hours later:

hOHM bonds live.
10.3% discount.
New Asset Bond Desk live.
Apparently “More Soon” is now measured in minutes.
Blue Chip heart monitors remain mandatory until further notice.

Al keeps grinding.

MCFA.

[Scott @prokbutt]

A lot of alpha dropped in chat today for $NET.

Predict is expanding with more markets coming, and they’re already talking to other RH Chain teams about building prediction markets for them.

Book is going full degen: jackpots, more gamification, potentially even betting future rebases.

Then tie all of that into the lending desk so positions can potentially be borrowed against.

LP comes back after BookVault/OrderVault audits.

MMORPG: “soon.”

And somehow buried in all of that Al casually confirmed Brass is the “crème de la crème of the crème.”

Feels like the pieces are starting to connect: Book, Predict, lending, RWA sleeve, NFTs and games all feeding the same ecosystem.

Treasury go brrr.

MCFA