what the numbers are telling us for the @NetNetCap since inception... and they are looking good. 1. the dilution figure nobody quotes everyone posts the apy. nobody posts this. > estimated staked dilution, 7d: -8.36% > estimated unstaked dilution, 7d: -17.54% staking is not paying holders. it is diluting them roughly half as fast as not staking. that is the same distinction that broke ohm stakers who read rebases as yield rather than as a defensive move against the printer. 2. the offset, which is real assets are outrunning supply on every window measured. > 7d: assets +217%, supply +21%, mcap +341% > 30d: assets +2994%, supply +108%, mcap +9196% all two marked accretive. so backing per token rises while each holder's share of it falls. both are happening at once. 3. where the reserve actually came from $3.5m cumulative inflows since early july. latest single day $517k. > primary bonds $2.2m > trading tax $867k > premium sales $173k > rwa desk $139k > other $65k > genesis bonds $35k bonds are 63% of every dollar that ever entered. the 5% trading tax that gets all the attention is 25%. genesis put in $35k, so the seed is up 100x in six weeks. the tax path itself: > trade on the mapped pair >> 5% clipped in $NET >> taxcollector >> sells $NET for solana:2u1tszSeqZ3qBWF3uNGPFc8TzMk2tdiwknnRMWGWjGWH >> treasury >> morpho at up to 70% + 2% haircut 30d tax revenue $816k, 9.19k NET collected cumulative. 4. the arcade is not the revenue revenue estimate $91k total. game fees are $42.4k of it, ~4.6%. > the button $35.27k (nfts pumped) > coinflip $3.78k > superstore pack desk $2.05k > spacex invaders $927.57 > msft flight simulator $326.62 > crash cards $395.64 > blackjack est. $24.00 the button is 83% of all game revenue on its own. 38.3k daily active wallets across the whole ecosystem producing less than one day of trading tax. 5. what backs it is the most important part $6.14m total assets against 56k $NET supply, 89.46% staked. > treasury $4.01m: morpho $2.4m (59.9%), liquid usdg $1.6m (~40%), pol rfv $22.3k (0.56%) > sleeve $2.13m: $NVDA $1.01m (~48%), $SPCX $773.08k (36%), $AAPL $333k (15.60%), $MSFT $7.86k, $GOOGL $2.67k, $COIN $1.8k @NetNetCap is the largest holder of nvda and spcx price $1.4k against treasury nav of $69.77 is 20x. counting the sleeve at $106.88 it is 13x. fdv $82m. issuance to date: rebase 19k $NET, genesis bonds 21.7k, other 7.5k, primary bonds 6.2k, premium sales 1.6k protocol is looking healthy stats care of @latentliq's dashboard (🥅,🥅)