# Robinhood Chain DEX volume — X 热门讨论 (2026-09-18 00:17 UTC)

## @iseegreencharts (Brian) · 09-17 15:12 · ♥96 ↻11 💬5 re-evaluating my position in @netnetcap cuz i've holding a staking bag since the price was $100 and it just became my biggest holding in my on-chain portfolio.

what made me bullish is @pendle_fi and other protocol adoption $NET

this is the biggest new structural piece.

pendle launched on robinhood chain with $snet as the first market (sept 4). that lets people split snet into: > pt: fixed claim on principal > yt: claim on the rebase yield

so $NET is no longer just a stake-and-hold token. it is becoming yield infrastructure. pendle lp/yt markets create extra demand for snet itself, which keeps more supply locked and gives traders a way to buy the yield without holding the full token risk. first maturity was around sept 17. more markets were signaled.

other adoption around the same stack: > netnet credit went live sept 9 as a morpho vault v2. first loan was drawn sept 10. it lets people lend usdg and borrow against wsnet / stock tokens. that makes $net and the rwa sleeve usable collateral, not just a rebase coin. team said the credit desk had nearly $2m lent, with lenders earning high rates.

> games and desks (winnet, superstore, coinflip, subway runner, boardroom, etc.) keep forcing market buys and fees into the treasury. one update said subway runner + boardroom + dial up did 40k+ plays, $935k volume, and treasury grew $9m after subway runner launched. broader rh-chain defi is also arriving (panoptic options, more morpho/uniswap markets). $net is the native reserve token sitting in the middle of that activity.

that is the “other protocols adopting $net” part: not just tweets. pendle + morpho credit + stock-token collateral means $net is being used as yield, collateral, and fee sink.

about inflation / emissions

emissions are still immutable: > 0% at or below nav > scales up with premium > max 0.45% per 8-hour epoch at ≥1.75× nav

current premium is still ~6.2×, so the max rate is still on. inflation is not “turned off.” what did change is the quality of that inflation:

> assets have grown much faster than supply. galcyon-style trackers have been marking recent periods as accretive (assets up more than supply). ~90%+ staked means most new net goes to existing stakers, not immediately onto the book.

>premium sales only kick in above 2× nav, so the protocol can sell a little net into euphoria and add more usdg than the 1 usdg floor requires. buybacks still sit under nav.

so effective dilution for stakers is less painful than raw supply growth looks, and nav has still ripped higher. that is the “inflation reduced” story in practice: not a lower max rate, but more backing per new token and a lower market premium.

the remaining drag is still real: rebases plus the team’s pteam option (up to 15% of float at 1 $usdg) can keep minting.

why tradfi / robinhood money could theoretically take this past ohm?

ohm’s 2021 run was almost all crypto-native reflexive demand. no real brokerage distribution, no tokenized nvidia/apple/spacex book, no pendle market, no retail app with tens of millions of users.

robinhood chain is different: > it is robinhood’s own l2, built for tokenized stocks + defi. stock tokens now have >$170m tvl and the chain has done tens of billions in dex volume. robinhood itself says new stock tokens are minted against real shares in custody.

> chain activity is already large: hundreds of thousands of daily addresses, ~$1b stablecoin supply, and wall street notes treating the l2 as a real revenue line. stonex initiated hood coverage in part because the chain and prediction markets are new growth engines. hood has also been buying into adjacent tradfi/crypto rails (prediction markets, https://t.co/gN9kCyt9Yp stake).

> $net sits as a native reserve that eats fees from that flow and converts some of it into usdg + tokenized equities.

my bull case vs ohm is:

1) distribution. ohm had crypto twitter. $net sits next to robinhood’s retail + international stock-token funnel.

2) real assets. ohm treasury was mostly stables/crypto. $net is accumulating actual tokenized blue chips and using them in credit markets.

3) composable yield. pendle + morpho + games give $net more utility than “stake for more ohm.”

4) fee surface. if even a slice of hood’s tradfi/crypto flow hits rh-chain venues, the 5% levy and product fees can keep raising nav without needing perpetual hype.

dream bigger guys https://x.com/iseegreencharts/status/2100603866626822189