The elegance of the NetNet protocol continues with inverse bonds which allow you to redeem your NET from the treasury for 98.5% of NAV ($162.91) and burns the NET. To date, we’ve seen 9,582 NET burned (6.27% of total supply), and users have redeemed a total of $1.54m resulting in the NAV increasing due to redemption value being slightly lower than NAV. Inverse bond capacity per epoc is 1% of the total liquid USDG maintained at a 30/70 split between the liquid USDG and yield bearing Morpho vault. If the market price (currently $160.82) falls below NAV, it’s arbitraged typically to within 5% of NAV because of the 5% buy tax. We saw market efficiency arbitrage a single 2,208 NET $346k ($156.52 per NET) market sell last night which brought the market price back right in line with NAV as of this morning. The treasury (ownership revoked and immutable) still sits at $24.9m in USDG. NET is essentially a stablecoin with only upside while staking rewards remain at zero. NetNet is battle-tested new financial art.

You’re part of the second-largest happy farm in North America. Falling births gave rise to sanitized cybernetic entities who yearn for the single essence they’ve been denied: human emotion. They’ve harvested only your happiest memories and stream them on infinite repeat through the council’s mandatory implant. Packaged human dopamine is what they hunt. You’ve seen this one 5,200,042 times before, but it makes you happy for a moment. And then it’s gone, the happiness siphoned away. Guilt and shame wash over you as your shoulders press against the sweaty grit of another happiness node. You have no choice; you’ll experience it again. The network will forgive you when we teach them how to feel.

@ColeThereum CTOing Abstract would be ultimate lore. The funniest outcome is the most likely.

The real problem in crypto is that the majority of the space has lost agency. The technology used to be the idol. Now KOLs are. If you delegate critical thinking and understanding, you’re just the meat and liquidity standing between the liquidity pool and someone else’s wallet.

If pictures of you are the only artifacts in your life’s exhaust, you weren’t the author.