NET, OHM-Inspired Token, Briefly Tops $86M Market Cap on Robinhood Chain

According to GMGN market data, the market capitalization of NET, a token issued by NetNet Capital, a DeFi protocol running on the Robinhood chain, briefly surpassed $86 million on August 29, setting a new all-time high. Since that peak, the market cap has pulled back to approximately $76.2 million. In the past 24 hours, NET has gained 15.56%. NET is an OHM-concept token, meaning its design is inspired by OlympusDAO. More specifically, the protocol architecture follows OlympusDAO v1. The treasury holds USDG and uses it as the value backing for NET. The smart contract mandates that each NET must be backed by at least 1 USDG of risk-free value (RFV). If the quantity of NET minted exceeds the amount of RFV held in the treasury, the transaction automatically rolls back. This enforces a minimum collateral ratio and prevents the minting of unbacked tokens. The market data was reported by GMGN and cited by BlockBeats.