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.