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(🥅, 🥅)

$NET Thesis | $1057 | $57M FDV | $6M circ | $4M treasury of USDG + RWAs (🥅, 🥅) novel defi mechanism on Robinhood $NET is the reserve share backed by at least 1 USDG of the protocol's on-chain portfolio, NetNetCapital accumulates productive assets like stablecoins and stocks through a few different mechanisms pays out 1.2% per day to $NET stakers if NAV is 1.75x underlying treasury, currently trades at about 11x treasury, treasury has been growing substantially faster than the 1.2% $NET issuance • 5% trading fee on all $NET purchases, goes to stablecoins in treasury • bond issuance, allows people to buy $NET at a 8-12% discount by giving USDG, capped at a certain amount each day, protocol uses this USDG to accumulate tokenized stocks for the RWA-sleeve of the treasury • protocol has different minigames where you can speculate to win more NET, fees from all of the games add to treasury reserves • founder has done few interviews saying they've spoken with RH team on working together in future, previously worked on NBA topshot one of crypto's most successful consumer apps • pseudo-options protocol at turbo.netnet.capital where ppl can earn high % returns betting on up/down of stocks • working on on-chain mini-game mmorpg similar to DFK ----- believe this is one of the most interesting spots on Robinhood chain, have been saying that my thesis for this cycle is memefi, combination of gamification + interesting on-chain financial mechanisms on top & this is clearly that with RWAs baked in 2020/21 defi cycle crypto had a lot of interesting onchain experiments, didnt have as many last cycle, there will be a lot of ETH whales who find this protocol and are interested imo, last cycle Blast got ~2.4B in stablecoin deposits, recently Plasma got 1B in deposits in a week, there is a lot of capital looking for new protocols to play with onchain when they do pop up @NetNetCap