Nettspend

Solana mainnet · A USDC-backed reserve share · Mint live

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Nettspend issues NETT, a reserve-backed share in the architectural lineage of OlympusDAO v1 / NetNet — rebuilt as Solana programs, operated without a policy committee. Emissions, buybacks, premium sales, bond pricing, and the levy are formulas in immutable code. The fund's discretion at runtime is zero. This document exists so yours doesn't have to be.

NetNet proved the machine on Robinhood Chain (EVM). This page is the same machine, restated for Solana so it actually composes: no rebasing SPL balances, no fee-on-transfer token, no Uniswap v2. The economics are the same. The accounts are not.

Copy-pasting NetNet's Solidity onto Solana would break. Three constraints are non-negotiable:

1. No rebasing token

OHM/NetNet sNET rebases every holder balance by shrinking gonsPerFragment. On Solana, every wallet is a token account with a stored amount. A true rebase means rewriting every account, or lying about amounts. Nettspend uses the share + index model NetNet already ships as wsNET:

staked NETT  →  xNETT  (non-rebasing share mint)
NETT_out     =  xNETT_amount × index
index starts at 1.0 and only goes up

The dividend mints NETT into the staking vault and raises index. Holders see a growing NETT claim, not a changing token-account amount. This is how Marinade, Jito, and every serious Solana vault works. It also means xNETT can be used as collateral (Carrier Desk) without breaking lending programs.

2. No fee-on-transfer

NetNet taxes at the ERC-20 transfer. That is why their canonical pool must be Uniswap v2 — v3 exact-output reverts on FOT tokens. On Solana, Token-2022 transfer fees poison Jupiter, Kamino, and every CPI. Wallet-to-wallet would also get taxed unless you maintain a huge exemption list.

Levy lives on the swap, not the mint. The canonical NETT/USDC pool is program-owned (Raydium CPMM or Meteora DAMM constant-product). Buys and sells through that pool pay 5%. Wallet-to-wallet is free. Protocol instructions (stake, bond, buyback, finalize) are free. Additional pools can be mapped add-only, same as NetNet. Unmapped pools can dodge the fee — disclosed, same as theirs. Defense is depth on the canonical pool, not transfer-tax whack-a-mole.

3. Constant-product pool, not CLMM

RFV of protocol-owned liquidity is 2 · √(x · y) with the NETT leg valued at the 1 USDC floor. That identity holds only for constant-product k = x·y. Concentrated liquidity (Orca Whirlpool, Raydium CLMM) breaks the formula. Canonical pool = Raydium CPMM or Meteora DAMM v2 constant product. TWAP is a program-owned observation account, checkpointed permissionlessly using Clock unix timestamp (not slots).

Reserve asset

USDC only. Mainnet mint EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v. Yield sleeve (optional, post-genesis): Kamino or Save USDC vault, cap 70% of treasury USDC, 2% RFV haircut. ≥30% stays liquid for buybacks and bond payouts.

RFV = liquidUSDC
    + yieldUSDC × 0.98
    + 2·√(usdc_in_pool × nett_in_pool) × treasury_lp_share

NAV = RFV / nett_supply

floor invariant, every crank:
  nett_supply × 1 USDC  ≤  RFV

Dividend (8-hour epoch)

P    = twap_price / NAV
rate = 0.45% × clamp((P − 1) / (1.75 − 1), 0, 1)

APY assumes the premium holds a year and the floor cap never binds. Neither survives markets. At or below NAV the dividend is zero. The crank is permissionless once 8 hours of Clock.unix_timestamp have elapsed.

Primary offerings (bonds)

price = max(TWAP × (1 − discount), NAV)

Never sold below NAV. Every bond is accretive. Epoch capacity is a fixed bps of supply.

Buyback (inverse bonds)

payout_per_NETT = NAV × (1 − 1.5%)

Seller-initiated. NETT received is burned. Capacity: 1% of liquid (non-yield) treasury USDC per epoch. Exists from finalize, not as a crisis patch.

Premium seller

When TWAP ≥ 2.0 × NAV, anyone may sell a 25 bps clip of newly minted NETT into the canonical pool, proceeds to treasury. Minimum 1 hour between clips.

Levy

5% on canonical-pool swaps only. Split vs time since finalize:

team_bps      = 400 × (1 − v)     // v = elapsed / 30d
treasury_bps  = 500 − team_bps    // always 5.00% total

Day 0: 4% team / 1% treasury. Day 30 and forever: 0% / 5%. Immutable. Wallet-to-wallet free.

Nothing — not dividends, not the levy, not buybacks — exists as a live market until finalize. Terms below are the intended genesis constants. If a number is not on this page, it is not a term.

finalize (anyone may call, once cap or window + min raise):

1. 70% of proceeds → Treasury PDA (USDC).
2. 30% USDC + newly minted NETT at 3 USDC → canonical CPMM as protocol-owned LP. LP tokens stay in the Treasury PDA.
3. Enable staking, bonds, buybacks, levy mapping of the canonical pool.
4. Start the 30-day team-option / levy-decay clock.

Day-one NAV is ratio-based, independent of raise size, same arithmetic as NetNet:

NAV ≈ 2.41 USDC per NETT
Founders pay 3.00  →  ~1.24× premium at close
Partial dividend: rate ≈ 0.15% / epoch if price holds at 3

Pool opens thin on purpose (~15k USDC and 5k NETT a side at a full 50k raise). Small trades move the tape. Disclosed, not a bug.

The terminal on this site is the shareholder UI. The fund is a set of Anchor programs plus one CPMM pool. Order of operations:

0. Tooling

solana --version          # 2.x
anchor --version          # 0.31+
# wallet: a hardware key for the upgrade authority, then freeze it
solana config set --url https://api.mainnet-beta.solana.com

Devnet first. Mainnet only after the invariant tests pass (floor never breaks, bonds never sell below NAV, levy decay hits 0/5 at day 30).

1. Programs to deploy (one crate, several instructions)

2. Canonical pool

Create a NETT/USDC constant-product pool owned by the Treasury PDA at finalize — do not open a public pool first. Raydium CPMM (constant product) or Meteora DAMM v2 in constant-product mode. Seed in the same atomic finalize transaction: 70/30 split as above. Record the pool address as the only TWAP source. It cannot be changed.

3. Connect this terminal

The UI is static. After programs exist, point it at them:

window.NETT = {
  cluster: "mainnet-beta",
  mint:        "...",      // NETT
  xMint:       "...",      // xNETT
  usdc:        "EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v",
  treasury:    "...",
  staking:     "...",
  distributor: "...",
  genesis:     "...",
  bonds:       "...",
  buyback:     "...",
  pool:        "...",
  programId:   "..."
}

Wallet: Phantom / Solflare via Wallet Adapter. Buy = swap USDC→NETT through the levy-aware swap instruction (not a raw Jupiter route, or the 5% is skipped). Stake / bond / buyback = program CPIs. Reports read NAV from the Treasury account, not from a server.

4. Sequence

deploy programs (upgrade authority = hardware key)
  → freeze / revoke upgrade authority   // or the "immutable" claim is a lie
  → open GenesisBond (USDC in, register written)
  → cap hit or day 7 with ≥ 15,000
  → anyone calls finalize
        70/30 split, POL seeded, staking + levy + buyback enabled
  → days 0–5: founding NETT vests
  → day 30: levy is 0% team / 5% treasury, forever

5. What you do not do

• Do not use Token-2022 transfer fees.
• Do not rebase the NETT mint.
• Do not put the canonical market on a CLMM.
• Do not keep an upgrade key on the emissions path. If you must keep one, it cannot touch rate, floor, levy total, or TWAP source.
• Do not route buys through Jupiter until the levy is enforced in a swap program Jupiter can CPI — otherwise the fee is optional and the books are fiction.

6. Suggested stack

• Thin pool by choice. Day-one POL is small. Price will move.
• Unmapped pools dodge the levy. Anyone can list NETT/USDC on another venue. Defense is canonical depth.
• No committee means no rescue. If the formula says no, it reverts. Nobody can mint you out of a hole.
• APY column is arithmetic, not a forecast. Full rate requires a sustained 1.75× premium and an unbound floor cap.
• Yield sleeve is smart-contract risk. Kamino/Save failure can impair the deployed 70%.
• Upgrade keys. If one exists after deploy, the immutability claims on this page are false until it is revoked.

This page states an objective, not a promise. Distributions are algorithmic and may be zero. Nothing here is investment advice. Nettspend is not affiliated with the Solana Foundation or with NetNet Capital Management. The NetNet prospectus is the prior art this document is translated from.