0xAraki

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Nobody is born knowing what a dividend is. Some people just get told earlier.

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.

This would be the biggest bailout the credit card industry has ever gotten. The checks would cost about $1.3 trillion, and Americans owe $1.263 trillion on their credit cards right now at an average rate of 22.36%. That's almost dollar for dollar, and to me it shows exactly where the money would end up. Nobody has named a way to pay for it, so Washington would borrow it. The Treasury sells $1.3 trillion in new bonds, and the banks and funds that buy them collect interest on that debt for years. Then the checks land in a country carrying $1.263 trillion in card debt at 22.36%. For any family with a balance, the smartest move with $5,000 is paying down the card, because nothing else on Earth pays a guaranteed 22%. Then that payment goes straight to the card issuers. And many of the biggest card issuers are the same giant banks that buy and trade Treasury bonds. The banks win at both ends of the trip: They collect interest on the bonds, and they collect the checks as card payments. The money leaves Wall Street as a loan, passes through American households, and comes back to Wall Street as a card payment. Taxpayers keep the debt. Why it's a bailout: The New York Fed says new credit card delinquencies are still running at elevated levels, with 6.97% of balances rolling into serious delinquency on an annual basis. Those are losses waiting to land on the banks. A $5,000 check turns a big chunk of those bad loans back into good ones, which means taxpayers absorb losses the banks would have eaten themselves. And we already ran this experiment in 2020 with the first stimulus checks and extra unemployment benefits flowing, Americans paid down $108 billion in credit card debt. It was the biggest drop the New York Fed had ever recorded. The share of cardholders 90 days behind fell from 5.32% to 4.12% in a single year. Those checks helped families, and they also cleaned up the banks' card books for free. Since then, card balances have climbed right back to $1.263 trillion, and nobody ever touched the rate. For scale, the 2008 bank bailout was authorized at $700 billion. This program would be nearly TWICE that size, and the banks wouldn't even have to testify before Congress to collect their share.

The truth behind what happened with Adam's "117" Pudgies floor sweep

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