Many people cannot understand the recently popular NET. Actually, NetNet can be imagined as a company on Robinhood Chain: On chain asset reserve fund+RWA gaming company. It is not an ordinary Meme, nor is it a fund that simply purchases US stocks. Instead, it combines coin issuance, treasury, tokenized stocks, and on chain games into an economic system. First, let's talk about its relationship with OHM. NetNet is not a new project of the Olympus DAO team, and there is no evidence of official collaboration between the two parties. More precisely, it is an improved version of the OHM v1 mechanism that has been redeveloped. The core gameplay of OHM back then was: Issuing a token supported by treasury assets; Absorbing funds through discounted bonds; Gradually turning liquidity into the protocol itself; Continuously issuing tokens to the pledger. NetNet retains the core structures of Treasury, Bond, protocol proprietary liquidity, and Rebase Staking, but makes several modifications: One is to let the formula determine the speed of issuance. When the market price of NET is higher than NAV, the protocol will issue NET to the pledger; The higher the premium, the faster the issuance, with a maximum of 0.45% every 8 hours. The second is to join the repurchase mechanism near NAV. When the price is lower than NAV, the agreement can use some of the liquidity reserve to repurchase and destroy NET, but the repurchase amount is limited, which does not mean that everyone can redeem at NAV at any time. The third is to join RWA and gaming products. The project aims to continuously inject funds into the treasury and RWA asset pool through bonds, transaction taxes, tokenized stocks, and mini games. Simply put: OHM mainly solves the problem of "how to turn token premiums into protocol vaults"; NetNet aims to further address the issue of 'what products sustain manufacturing transactions, revenue, and assets'. How to play specifically? The protocol issues NET, and the vault mainly holds USDG, Morpho deposits, and the protocol's own liquidity, so each NET is backed by a certain amount of on chain assets. When the NET price is higher than the vault NAV, the pledger will receive newly minted NET. This is also the source of the project's display of ultra-high APY. But it must be understood that: It issues new coins, not profits in US dollars. Just like a cake being cut into more portions, the number of portions in your hand increases, but the final value of each portion depends on whether the cake itself grows synchronously. NetNet attempts to make the cake bigger through several paths: 1. NET transaction tax Some trading venues will charge a 5% fee for buying and selling, and import it into the agreement vault. 2. Bonds Users purchase discounted NET with USDG; Part of the funds enter the on chain vault, while the other part purchases Robinhood Stock Tokens such as NVDA, AAPL, SPCX, etc. 3. On chain games The project has launched lucky draws, unboxing Coin Flip、 Products such as flying games and TURBO generate capital flow through transactions, transaction fees, and asset purchases. So it hopes to form such a cycle: More games and users → More NET transactions and transaction fees → More USDG and RWA assets → The treasury continues to grow → Increase asset support for each NET → Attract more people to hold and pledge In terms of the team, the core figures who have made public appearances currently use the name 'Al Dunlap'. According to the founder's self statement in a public interview, he worked at Dapper Labs and participated in the early development of NBA Top Shot, as well as experienced market making during the FTX era. But these resumes are mainly from my interviews and community reports, and we have not yet seen official resume verification provided by former employers such as Dapper Labs. The project team also stated that they have communicated with the Robinhood team regarding RW Play direction, but have not yet found any official cooperation, investment, or endorsement announcement from Robinhood. Therefore, a more accurate statement is: NetNet is a third-party project deployed on Robinhood Chain, using Robinhood Stock Tokens, and is not an official product of Robinhood. Team transparency is also an important weakness at present: The complete list of members, real name identities, legal entities, and independent audits have not been fully disclosed; Some RWA assets are managed by the team controlled Safe custody, and the publicly disclosed configuration is still 1-of-1, which poses a single point of management risk. So my understanding of NetNet is: It is not an air project. Products, contracts, and assets do exist, and the team's product execution speed is also very fast; Its transformation of the OHM mechanism and the idea of integrating RWA and games into the treasury are indeed creative. But it is also not a wealth management product that consistently earns 1.2% every day. In the research snapshot, the actual on chain Treasury is approximately $2.62 million, with an additional $1.41 million belonging to the RWA Sleeve managed by the team; At that time, the NET market price was about 20 times higher than the official backing on the chain. In other words, the market primarily purchases not existing assets, but high expectations for teams, products, and future cash flows. To ultimately determine whether NetNet can run, don't just look at APY and coin price, but continuously observe three things: Has the asset value of each NET in the vault increased? Does the growth come from real transaction fees and product revenue, or mainly from new user investment? Can the growth rate of the vault outperform NET's issuance rate in the long term? Understanding the reflexivity of OHM, and then understanding these three points, basically understands NetNet.