OHM-themed tokens posted sharp gains on Aug. 26, with NET, the token of Robinhood-chain DeFi protocol NetNet Capital, briefly pushing its market capitalization above $70 million, according to GMGN market data. The move marked a record high before the token’s market cap eased to $66.48 million. NET was still up 100.5% over the past 24 hours at the time of the update.
NET is described as an OHM, or OlympusDAO, concept token. Its protocol design draws from OlympusDAO v1 and uses treasury-held USDG as value backing for the token. Under the project’s smart contract rules, each NET must correspond to at least 1 USDG in risk-free value, or RFV. If issuance exceeds the treasury’s RFV holdings, the transaction is set to revert automatically.
Another OHM-themed token, DTF, short for Down to Finance, also moved higher. Its market capitalization was reported at about $6 million, with a 24-hour gain of 107%. The latest figures point to broad strength across this corner of the market, led by NET’s fresh all-time high in market cap.
OHM-themed tokens jumped on Aug. 26, with NET, the token tied to Robinhood-chain DeFi protocol NetNet Capital, briefly pushing its market capitalization above $70 million, according to GMGN market data.
NET later stood at $66.48 million in market cap, still up 100.5% over the past 24 hours. The brief move above $70 million marked a record high for the token.
NET uses a treasury-backed structure modeled on OlympusDAO v1
NET is categorized as an OHM, or OlympusDAO, concept token. The protocol’s structure borrows from OlympusDAO v1, with treasury-held USDG used as the value backing for NET.
Its smart contract sets a floor condition under which each NET must correspond to at least 1 USDG in risk-free value, or RFV. If token issuance rises above the treasury’s RFV holdings, the transaction reverts automatically.
DTF also posts triple-digit daily gains
Another OHM-themed token, DTF, short for Down to Finance, was reported at a market capitalization of about $6 million. Its 24-hour gain was 107%.
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