Just dug into $NET — honestly one of the more interesting DeFi experiments I've seen in a while. Trading at $1057, $57M FDV, tiny $6M circulating supply.
Basic idea: it's a reserve share backed by at least 1 USDG of the protocol's treasury (currently holds $4M in USDG + RWAs). NetNetCapital accumulates productive assets — stablecoins and tokenized stocks — through a few clever mechanisms:
• 5% trading fee on all $NET buys goes straight into the treasury as stablecoins
• Bond issuance lets you buy $NET at 8-12% discount by paying USDG, protocol uses that USDG to buy tokenized stocks for the RWA side of the treasury
• Mini-games where you can speculate to win more $NET, all fees add to reserves
If NAV hits 1.75x underlying treasury, $NET stakers get paid 1.2% per day. Right now it's trading at about 11x treasury, but treasury has been growing way faster than the 1.2% issuance rate.
Founder previously worked on NBA Top Shot (one of crypto's biggest consumer wins) and has hinted at working with Robinhood team in the future. They're also building a pseudo-options protocol where people can bet on stock movements for high returns, plus an on-chain mini-game MMORPG similar to DeFi Kingdoms.
My take: this is exactly what I mean by "memefi" — gamification + interesting on-chain financial mechanisms with RWAs baked in. 2020/21 had tons of cool DeFi experiments, last cycle not so much. But when they do pop up, ETH whales notice. Blast got $2.4B in stablecoin deposits, Plasma got $1B in a week. There's a lot of capital out there looking for new protocols to play with.
Still early, obviously risky, but worth watching if you're into this kind of thing. @NetNetCap
Basic idea: it's a reserve share backed by at least 1 USDG of the protocol's treasury (currently holds $4M in USDG + RWAs). NetNetCapital accumulates productive assets — stablecoins and tokenized stocks — through a few clever mechanisms:
• 5% trading fee on all $NET buys goes straight into the treasury as stablecoins
• Bond issuance lets you buy $NET at 8-12% discount by paying USDG, protocol uses that USDG to buy tokenized stocks for the RWA side of the treasury
• Mini-games where you can speculate to win more $NET, all fees add to reserves
If NAV hits 1.75x underlying treasury, $NET stakers get paid 1.2% per day. Right now it's trading at about 11x treasury, but treasury has been growing way faster than the 1.2% issuance rate.
Founder previously worked on NBA Top Shot (one of crypto's biggest consumer wins) and has hinted at working with Robinhood team in the future. They're also building a pseudo-options protocol where people can bet on stock movements for high returns, plus an on-chain mini-game MMORPG similar to DeFi Kingdoms.
My take: this is exactly what I mean by "memefi" — gamification + interesting on-chain financial mechanisms with RWAs baked in. 2020/21 had tons of cool DeFi experiments, last cycle not so much. But when they do pop up, ETH whales notice. Blast got $2.4B in stablecoin deposits, Plasma got $1B in a week. There's a lot of capital out there looking for new protocols to play with.
Still early, obviously risky, but worth watching if you're into this kind of thing. @NetNetCap