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.

Net,Net

Shareholders, NET LONG is officially live. Long anything on Robinhood Chain with wsNET as margin. Your margin keeps rebasing while the position is open. Every fee the desk earns buys $NET and burns it. Good Luck, Don't $LOSE linktr.ee/netnetcap

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Shareholders, Thursday 10/8 we will be back on MCG with our biggest update to date. Can't wait to share more.

Shareholders, We’ve been working diligently on new angles to drive treasury growth outside of our current suite of 15 products. This upcoming week, a few of the teams we’ve onboarded via the NetNet SDK will officially launch their products. Some of these products will not be on Robinhood Chain, some of them will not even market to crypto users. All of them however, will send revenue directly into our USDG treasury. We will have more on this soon.

Shareholders, We wanted to provide an early look at some NetCorp enemies you will encounter early in your journey. THE WASH TRADER Two brokers in the same pinstripe swap places every time you hit one, and the one not holding the ticket heals the other. They only drop their shares if both die within five seconds, so a group that rests between them pays the stake for two.

Shareholders, NetNet opened on July 17 with $0, and 77 days later the treasury holds $26.8M. The RW-PLAY games have taken in more than $1.9M across 137,000 plays along the way. In the last two weeks, our treasury has added $6.9M. WinNET came first, as a prize draw where entries stay staked in NET and the pooled staking rewards are paid out as the prize. It has taken 2,484 entries from 1,383 wallets, with $235,000 of USDG entered so far. The Stock Token cabinets followed, with COINflip running 8,541 flips worth $245,000 and SUBWAY RUNNER taking 18,519 runs worth $185,000. THE BUTTON has been pressed 70,534 times at $1 a press, and SPACEX INVADERS has launched 26,930 balls. THE BOARD MEETING put players against each other for the first time and has taken $345,000 across 9,874 buy ins. DIAL-UP opened on September 7 and has already run 20,819 rounds for $313,000 in stakes, all of it played in wsNET. BASKETS has filled 555 entries at $100 each since September 14, which is $55,500 in 18 days. THE BOOK opened on September 20 and has written 204 bets worth $189,000 across 25 markets. Superstore, TURBO and MSFT FLIGHT SIMULATOR have added more than $50,000 between them. Predict is the newest desk, a weekly market on where the treasury total prints each Monday. It has traded $206,000 across three series from 271 wallets, which means shareholders are now trading the growth of the treasury itself. That is fourteen desks shipped in 77 days, nearly $1.9M played through them, and a treasury that went from $50,000 to $26.8M over the same stretch. Every number in this thread comes from Robinhood Chain, and we are still shipping. So whats next? NetCorp, our flagship product, an MMORPG where every action is a trade, is in Beta right now. We are also building THE BOOK and Predict into a standalone whitelabel prediction market offering a wide range of markets from sports to on-chain data driven ones. We are also in flight on a prop desk for human traders with a second category for AI agents. An agent launches paired against wsNET, trades in the open and builds a public track record, and its fees feed the treasury. Proven agents can earn credit lines and a weekly prize pot. We are aligning more closely with @RobinhoodCrypto 's Agentic Trading infrastructure. Partnerships are the other half of what comes next, and the whitelabel market is built for them. If you run a protocol, a community or a brand and want your own prediction market or an agent on the desk, our messages are open and we would like to hear from you. More Soon.

Shareholders, See you soon. - Al Dunlap xitter.cf/i/spaces/1RKjpbvygnpJw

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So what is NetCorp? Shareholders, NetCorp is the flagship product of NetNet Capital Management, an MMORPG where every action is a trade that you win with real trading and with game skill. You join by loading your character with a seed, which is held in real stocks and becomes your starting equity. Your equity doubles as your character's strength and health, so the position you carry into the world is the same thing that keeps you alive in it. From there you walk the world and take quests, and every quest asks you to risk some of that equity and pays you back more if you complete it. Some quests are fights against the things that roam the campus, and some are puzzles you have to work out yourself. Others are trades, where a quest giver asks you to go long or short an asset and you win the quest if your trade wins. Combat follows the same rule, since bigger bosses pay more money at higher returns and more powerful weapons are what let you beat them. A fight that would cost an underpowered character most of their stake becomes a routine win once the right weapon is in hand, which means better gear lets you risk less to earn more. When you fail a quest, the usual answer is that you need better gear, and every gear shop in the world runs on $NET. Shops across the map sell weapons, armor, upgrades and everything else that helps you on the way, and all of them execute $NET market buys under the hood. The $NET you buy is added to your character and earns rebases the whole time it is there. You can spend those rebases in the shops, or take an advance on them through the ADVANCE desk we already run and put that money to work in the game. You can also put your future rebases at risk on a quest when you want a bigger position than your equity alone allows. Every character ends up with two balances that work together, the equity in stocks that decides how strong you are and what you can risk, and the $NET you spend to get better at keeping it. Dungeons are the biggest payouts in the game, and they need a group to clear. Only brass can call a group together, and the brass leader earns a share of everything the group makes during the raid. In return the leader has to risk a bigger part of their own pot than anyone else in the party to run it. Brass characters also start stronger than every other character in the game. They level up faster, reach better gear sooner and earn more equities along the way, on top of what they make from leading raids. All of this runs on $NET, the currency of the whole game and the only way to buy a weapon, an upgrade or anything else in any shop. Every player needs it to progress, and it sits on their character earning rebases. The more people that play, the more $NET gets bought and held. We have shipped 13 games in under 3 months, and every one of them was practice for this. The plates, the factions, the characters, and the gear are already live on chain, and NetCorp is where all of it comes together. More Soon.

$NET cannot go to zero. The immutable core contracts set backing at $173 right now, including the RWA sleeve its over $210. At these levels we are aggressively buying $NET . uncapped upside with a worse case 50% drawdown. The treasury continues to climb, V3 RWBs turn off dilution, we have $1M in stables coming to the credit desk today which we will use to buy more $NET. Overall, we've grown our treasury to nearly $26M in under 3 months, we have basically built all of 2021-22 DeFi in under 3 months, We've delivered brand new on-chain experiences including on no-loss lotteries, no-loss sportsbooks, an advance rebase desk, and more. We have the largest morpho blue market on RH chain, and we have not even released our bluechip (frontier) product yet. We've also done all of this without any public acknowledgement of any kind from RobinHood yet. Worth mentioning. A bet on $NET is a bet that our team will be able to grow the treasury past the pace of emissions. So far that bet has been correct, but it is clear that additional revenue streams outside of bonds are required for the next leg up. I am betting that we can deliver.

Shareholders, We will be hosting a spaces on Thursday, October 1st at 4pm EST to discuss all things NetCorp, our novel MMORPG currently in Beta. Excited to share more, including full demos and information on getting early access. More Soon.