Reading the NetNet treasury, staking, and oracle…
Fund
NET is backed by a USDG treasury. Staked NET becomes sNET, which rebases every epoch at a rate set by the market premium over backing: nothing is paid at or below NAV, and the rate reaches its maximum at the premium shown below.
Your position
Bonds
Bonds sell NET for USDG or NET/USDG liquidity at a discount to the oracle price, floored at NAV so every sale adds to backing. Payout vests before it can be redeemed.