$NET cannot go to zero. The immutable core contracts set backing at $173 right now, including the RWA sleeve its over $210.
At these levels we are aggressively buying
$NET . uncapped upside with a worse case 50% drawdown.
The treasury continues to climb, V3 RWBs turn off dilution, we have $1M in stables coming to the credit desk today which we will use to buy more
$NET.
Overall, we've grown our treasury to nearly $26M in under 3 months, we have basically built all of 2021-22 DeFi in under 3 months, We've delivered brand new on-chain experiences including on no-loss lotteries, no-loss sportsbooks, an advance rebase desk, and more. We have the largest morpho blue market on RH chain, and we have not even released our bluechip (frontier) product yet.
We've also done all of this without any public acknowledgement of any kind from RobinHood yet. Worth mentioning.
A bet on
$NET is a bet that our team will be able to grow the treasury past the pace of emissions. So far that bet has been correct, but it is clear that additional revenue streams outside of bonds are required for the next leg up.
I am betting that we can deliver.