Hold, trade or stake the Core reserve-backed token.
RFV ÷ supplybacking per NET
Bonds issue NET · NET can be traded, staked or sold into buybacks.
Stake NET. Your sNET balance can grow with token rewards.
0–0.45%policy rate per 8-hour epoch
NET → stake → sNET · sNET can optionally be wrapped as wsNET.
Wrap sNET: fixed token count, a claim that can grow.
1 wsNETrepresents index units of sNET
sNET ⇄ wsNET · an optional wrapper, not another reserve asset.
USDG or pool tokens in. Newly issued, vesting NET out.
2 daysNET vesting period
USDG or LP → Core Treasury · newly issued NET → buyer’s vesting claim.
USDG, Morpho and owned liquidity. Immutable rules; no owner controls.
≤70% / ≥30%Morpho / liquid USDG · on deposit
Receives bond assets, fee conversions and sale proceeds · funds buybacks · holds LP claims.
Inverse bonds: NET is burned for a calculated USDG payout.
98.5%of backing per NET, before rounding
NET from seller → burned · Treasury USDG → seller.
Taxable trades collect NET fees, then convert them to USDG.
5%on taxable mapped-pair transfers
Taxable market transfers → NET fee · conversion → Treasury USDG.
Trade NET for USDG. Buyers and sellers set the market price.
Price ≠ backingthe market can trade above or below NAV
Traders exchange NET ⇄ USDG · Treasury holds liquidity · premium sales add NET to the pool.
Mint and sell NET when average price clears the threshold.
>2×average market price / backing gate
New NET → market · net-new USDG sale proceeds → Treasury.
Team-custodied assets—not Core Treasury reserves.
Outside Corenot included in Core backing per NET
Supported sleeve net value contributes to the wider True RFV report—not Core RFV.
Core RFV plus supported sleeve value, net of recognized debt.
Core + sleevea total value, not a per-NET price
Core RFV + supported sleeve net value = reported True RFV.
Buybacks are limited; a zero caller minimum can allow a zero payout. Staking rewards may be zero. Trading fees apply only to taxable transfers.
