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Shareholders, In preparation for Net Forge official launch we will begin adding wsNET/USDG liquidity from the RWA Sleeve today. More Soon.

Shareholders, For the last few weeks we have been building Net Forge, and this week it went from a private project to something any developer, or any AI agent, can pick up and use. Here is what that means and why we think it matters. More and more games start as a sentence typed to an AI coding agent. "Make me a co-op survivors game." "Add multiplayer to my three.js scene." The agent picks the tools, writes the code and runs it. So the engine an agent reaches for decides what a lot of people end up building with. Most game engines were made for people clicking around an editor. Agents can't do that. They work best with code they can read, a typed API they can't misuse, and a way to test what they wrote without a human playing it. Multiplayer makes this harder still, because the server and the browser have to agree on every frame. Net Forge is built for that from the ground up: - One game simulation runs the same in the browser and on the server, so multiplayer works from the first line - A three.js renderer on WebGPU, with a WebGL2 fallback - Each game's rules live in one typed file an agent can read and safely change - Playtest bots play the game for you, so an agent can check its own work - 530 CC0 models and sounds across six art styles, so nothing ships as grey boxes - Ten complete templates to start from: survivors-like co-op, arena shooter, tower defense, dungeon crawler, idle, platformer, card battler, monster collector, kart racer and party game What shipped publicly: - 19 open-source packages on npm published straight from a public repo with npm provenance - npm create netforge@latest, which turns any template into a running game in about a minute - An MCP server and a CLI setup command, so Claude, Cursor and other coding agents can drive the engine directly - Full docs at forge.netnet.capital, written so both people and AI models can read them, with guides for the questions developers actually ask - A GitHub template repo for every game, so you can start one with a single click - Playable demos of the templates on itch.io Everything public runs with play money. No wallet, no chain, no sign-up. Why this matters for NetNet: the next step is the Kit, which connects a game to its own token, an in-game store and player rewards. When it goes live, anyone who builds on Net Forge will be able to launch a game with an economy attached in one flow. Each game token will trade against wsNET, so every game that launches adds a new market built on NetNet. The open engine comes first. The more developers and agents building on it, the more games there are to launch when the Kit arrives. If you build something, show us. Issues and pull requests are open.

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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.