# DefiLlama fees — X 热门讨论 (2026-10-08 10:48 UTC)

## @Karamata2_2 (Karamata_ 💎) · 10-08 08:51 · ♥25 ↻4 💬12 🔥 I usually avoid OHM-style rebase tokens.

But $NET is starting to look different.

1/ $NET is not just an unbacked rebase. @NetNetCap is building an onchain reserve on Robinhood Chain where:

- USDG sits behind $NET - Stakers receive distributions every 8 hours - The treasury buys below NAV through inverse bonds - A separate RWA sleeve accumulates tokenized equities - Games, credit and other products generate additional cash flow

2/ The RWA sleeve is especially interesting because those assets sit outside the NAV backing calculation.

And the numbers are getting meaningful.

DefiLlama currently tracks roughly $24.6M in treasury assets, while recent onchain figures showed more than 90% of NET supply staked. 3/ The team is also getting more aggressive on the buy side.

They bought roughly $518K of $NET in 7 days, while V3 Real World Bonds are designed to recycle existing RWA inventory and create direct NET market purchases instead of relying only on new issuance.

4/ So the thesis is pretty simple:

More games + RWA activity + credit -> more fees -> larger treasury -> more $NET buybacks -> higher backing per token

The risk is still emissions. If treasury and product revenue stop growing, the rebase becomes the problem again.

But if they keep compounding faster than supply, $NET starts looking less like another OHM fork and more like an onchain holding company for Robinhood Chain.

The first wave came with skepticism and surprise. The second wave could be a confirmation that the project team is on the right path, reflected in the numbers.

We’ll wait and see what happens. > 引用 @NetNetCap: Shareholders,

The NetNet Capital Management Treasury now holds over $28,000,000.

We've steadily increased our $NET holding at these levels, purchasing ~4,200 $NET over the past week. We have strong conviction that buying $NET here is the best way to grow our assets sustainably for the next leg up.

More Soon. https://x.com/Karamata2_2/status/2108117994958459096