Users buy NET on Uniswap or mint it through bond sales against the treasury, then stake it to receive sNET. The Distributor mints new NET each 8-hour epoch and the staking contract rebases sNET so every staked balance grows proportionally. The dividend rate is a fixed function of the premium of NET's market price to NAV: zero at or below NAV, scaling linearly to 0.45% per epoch at a 1.75x premium.

NetNet is a reserve-backed token protocol on Robinhood Chain, built on the OlympusDAO v1 architecture. Its treasury holds USDG as the sole reserve asset, with an on-chain invariant that every NET is backed by at least 1 USDG of risk-free value. Idle treasury USDG earns yield in Morpho, capped at 70% of the balance. The protocol also runs a set of separate payout desks and a real-world bond desk.

NET holders are the protocol's shareholders. NetNet Capital Management operates without a policy committee — the dividend formula and the 1 USDG backing floor are fixed on-chain and cannot be modified by governance.

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# Circulating market cap Methodology

## Overview

Circulating market cap measures the project’s valuation based on the number of tokens that are currently transferable and tradeable. It is calculated by multiplying the token price with the circulating supply.

Project valuation based on token price times circulating supply.

NetNetNET

Circulating market cap

Circulating market cap

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