# Advance Desk (NET ADVANCE) > **Status: operating.** NET ADVANCE opened on 2026-09-25 at > `advance.netnet.capital`. The desk and its zap were deployed to Robinhood > Chain at block 72454633 the same day, and the NetNet RWA Sleeve funded the > program with 100,000 USDG. Contract addresses are repeated in the > Addresses section of this page. Dollar figures on this page are deployed > parameters or worked examples at one day's price and rebase rate, never a > promise. NET ADVANCE is a forward sale of rebases. You lock NET for 30 days and the house pays you USDG today, worth 40% of the lock, into whatever wallet you name. For the next 30 days the rebases the Shareholder Dividend Program pays on the locked NET accrue to the lock instead of to you. On day 30 the desk takes NET worth the advance plus the fee out of those rebases at that day's mark, and everything else unlocks to you. If NET held within about 16% of the lock price, at the dividend rate measured when the desk was designed, you get back at least the count of NET you locked. Nothing is repaid in USDG unless you choose to repay, there is no liquidation, and the desk never sells NET on the market. The house is the NetNet RWA Sleeve, which earns the fee and ends each cycle holding the NET it took at the close. It is never the Treasury. The consumer application at `advance.netnet.capital` speaks in as few words as it can. Its Terms sheet carries the short form and links here. This page is the controlling description of the mechanics. ## A lock, from your seat 1. **Sign in.** By email, passkey or wallet. An account created by email or passkey receives an embedded wallet, and gas for its lock, repay and close transactions is sponsored, so a holder can lock without holding ETH. 2. **Enter an amount.** In NET or in USDG. The screen shows what you receive and the date the deposit unlocks. The advance is sized on the open mark (below) at the moment of the transaction. 3. **Choose where the USDG goes.** The signed-in wallet by default, or any other address on Robinhood Chain. It is yours; the desk does not care where it goes. 4. **Press LOCK.** Your NET is staked and wrapped as needed and held by the desk as wsNET. The USDG lands in the destination wallet in the same transaction. 5. **Wait 30 days, or repay.** During the term the lock keeps earning rebases and nothing is taken from it. You may repay any amount of USDG at any time; when the balance reaches zero the NET unlocks at once. 6. **Close.** At the end of the term the desk takes what is owed from the yield, and from principal only if the yield is short, and returns the rest as wsNET to your wallet. Anyone may trigger a matured close, so a lock never sits stranded, and the fund's keeper closes stragglers. One lock is one advance, one balance and one countdown. A lock cannot take a second draw; wanting more money means opening another lock, and a wallet may hold many locks. ## Ways in Every lock is held as wsNET, the fund's wrapped staked share, and the app's zap takes whatever you hold: * **USDG.** The zap buys NET on the fund's canonical Uniswap v2 pool, paying the **5% trading fee like every other buyer** plus the pool's price impact, then stakes it, wraps it and opens the lock. If the house holds inventory (below) and its price is no worse than the pool's after the trading fee for the same amount, the zap fills from inventory instead; it never splits one call between the two. The zap takes at most 25,000 USDG per call. * **NET.** The zap stakes, wraps and opens. No fee of any kind. * **sNET.** The zap wraps and opens. No fee. * **wsNET.** One approval, then a direct open. No fee. The minimum lock is 0.01 NET. The maximum advance on a single lock is 10,000 USDG. There is no per-wallet cap; capacity is first come, first served. ## The mark The desk prices a lock in USDG per wsNET from two readings of the fund's own contracts: the NET price from the canonical pool's time-weighted average (the TWAP) and the sNET index, which is the dividend index that converts wsNET to NET. * **The open mark** is the **lower of the TWAP and the pool's spot price, times the index.** The advance is 40% of the lock at this mark. Sizing on the lower of the two means a manipulated dip can only shrink an advance and can never take extra NET at the close. * **The close mark** is the **TWAP times the index** on the day of the close. The take is priced at this mark. Every mark read fails closed on a stale TWAP, the same rule as every other NetNet feed read. While the TWAP is stale, opening a lock, closing a lock that must take at the mark, and buying inventory all wait until the oracle resumes. A stale oracle at the end of a term delays the unlock; it never changes what is owed. Repaying in USDG, and closing a lock whose balance is already zero, read no mark and can never be blocked by it. ## The advance, the fee and the balance For a lock worth `L` USDG at the open mark: ``` advance = 0.40 × L paid to the destination wallet at the open fee = 0.10 × advance to the house, the RWA Sleeve share = 0.05 × advance to the Treasury, in USDG owed = advance × 1.15 what the rebases must cover ``` The fee is the whole price. There is no interest line, and the parameters are immutable on the deployed contract: changing any of them means a new desk. The 5% Treasury share exists because a rebase sold on the pool would pay the fund's 5% trading fee to the Treasury, and this desk moves NET without the pool. The desk sets the share aside in USDG at the open, so nothing the house later does can hold up a close, and pays it to the Treasury at the close in proportion to the balance actually covered. The Treasury's reserve value reads a plain USDG balance, so the payment raises backing. ## The take at close Nothing is swept during the month. The locked wsNET compounds for the whole term and the house is paid once, at the close. The desk applies any due rebase first, then: ``` i = sNET index netNow = wsLocked × i NET-equivalent of the lock today yieldNet = max(netNow − principalNet, 0) exactly the rebases earned yieldWs = yieldNet / i takeWs = min(yieldWs, (owed − paid) / mark) never more than is owed ``` `principalNet` is the count of NET you locked, fixed at the open and printed on your receipt. The take comes out of the yield first. * If the yield covers the balance, every remaining wsNET returns to you and the receipt reads at least the count you locked. * If the yield does not cover the balance, the desk takes the rest from principal at the close mark, up to the whole lock, and returns anything left. This is the case where NET is more than about 16% below the lock price on day 30, and it is the only way a holder ever gets back fewer NET than they locked. If the whole lock is exhausted first, the remainder is written off as house shortfall. Taking once at the close rather than at every epoch is what lets the yield compound over the month, and it means the house carries no price exposure while a lock is open: the take is always worth exactly the balance at that day's mark as long as the lock covers it. The take is a transfer of wsNET from the lock to the house's inventory; nothing is sold on the market. ## Repay and unlock early You may repay any amount of USDG at any time, and so may anyone else on your behalf; a merchant or a friend paying a balance is fine. Repayments go to the house's unallocated USDG. The moment the balance reaches zero the lock closes, every wsNET returns to you, and rebases accrue to you again from that moment. The fee is not refunded on an early repayment. ## What a close looks like One NET locked at $650, 40% advance, rebases at the emission cap throughout the 30 days, as measured on 2026-09-23. The advance is $260 and the balance is $299. | NET at close | You keep | House takes at close | House at close | |---|---|---|---| | $650, flat | 1.085 NET | 0.460 NET worth $299 | fee earned, holds $299 of NET | | $552, down 15% | 1.004 NET | 0.541 NET worth $299 | same | | $488, down 25% | 0.932 NET | 0.613 NET worth $299 | same | | $390, down 40% | 0.778 NET | 0.767 NET worth $299 | same | | $195, down 70% | 0.012 NET | 1.533 NET worth $299 | last price with no shortfall | Because the take happens at the close at that day's mark, the house has no price exposure during the month. Its exposure starts the moment it holds the inventory. ## One lock in numbers 1 NET at $650, index 3.5358, 40% advance, 10% fee, 5% Treasury share, at the dividend rate measured on 2026-09-23 (0.4845% per rebase, three per day, the emission cap). | | | |---|---| | Locked | 0.2828 wsNET, principal 1.000 NET | | Advance to the wallet | $260 | | Owed | $299 | | Yield at close at that rate | 0.545 NET, of which the house takes 0.460 at $650 | | Keeps every NET down to | $549, a 16% fall | | Whole lock covers the balance down to | about $195, a 70% fall | | Unlocks | 30 days, or the moment the balance is repaid | These are illustrations at one day's price and rate, not projections. The dividend rate is a formula of NET's premium to NAV and is not fixed; a lower rate through the term narrows the cushion. ## The house The house is the NetNet RWA Sleeve. Its Safe funds the desk with USDG, put aside until drawn, and may add more at any time. It funded the program with 100,000 USDG on 2026-09-25. The Treasury is never the house, no fund reserve stands behind the program, and the house's balances appear in the Sleeve's own reporting, never in reserves or backing. The house holds two balances in the desk: * **Unallocated USDG.** Opens draw from it and repayments return to it. The Sleeve may withdraw from it at any time, but only from the unallocated balance, never from a Treasury share set aside for an open lock. Capacity is readable by anyone, so a wallet or merchant can hide the button before it would revert. * **wsNET inventory.** Every close-time take adds to it, and it rebases like any wsNET. It is a Sleeve asset and is shown on the Reports page of Shareholder Services at `app.netnet.capital`. **Inventory sales.** Anyone may buy wsNET from the house's inventory at the **higher of the TWAP and spot, times the index, plus 5%,** with the 5% paid to the Treasury. Pricing at the higher of the two means a lagging TWAP can never sell inventory under the market and a manipulated spot can only raise the ask. The zap is the first buyer of inventory when that price is no worse than the pool's. The Sleeve may also move inventory to its other house stakes rather than buying NET for them. **Halt.** The house may halt new locks and inventory sales. A halt never touches repayment or close. ## Honesty, stated plainly **"Buy Now, Pay Never."** is the product's line. It is a tagline and not a guarantee. What the desk actually does is this: it buys your next 30 days of rebases for USDG today. Its claim is "your NET pays for it", and the receipt reads at least the count you locked whenever that turned out to be true. * **This is a sale of your next 30 days of rebases for cash today.** The USDG is yours and is never asked back. What you give up is the yield on the locked NET for the term. * **If NET is more than about 16% below your lock price on day 30, the difference comes out of the NET you locked.** That figure holds at the dividend rate measured on 2026-09-23 and moves with the rate. The whole lock covers the balance down to roughly a 70% fall; past that, the shortfall is the house's. * **The rebase is dilution the holder is choosing to spend.** Supply grows with every rebase, so a holder who spends every rebase keeps the same NET count while their share of the supply falls. The advance is funded by income you chose not to compound. * **Nothing is sold on the market by the desk.** The take at close moves wsNET from the lock to the house. No path in the desk touches the canonical pool with your NET. * **Not a payment card.** The USDG lands in a wallet. Where it is spent is not the desk's business, and there is no card, no network and no merchant agreement behind the product. * Never "risk free", never "guaranteed", never "no loss". The legal sign-off THE BOOK carries for its risk-off mode does not extend to this product. ## What the desk can never do * Sell a holder's NET on the market, or any NET at all. * Take anything from a lock before the close. * Take more at the close than the balance owed at that day's mark. * Change the advance rate, the fee, the Treasury share or the term of an open lock. Every parameter is immutable. * Block a repayment, or block the close of a lock whose balance is zero. * Pay a house withdrawal to anyone but the Sleeve, or out of a Treasury share set aside for an open lock. * Attach a lock to a wallet that did not open it. ## Parameters | | | |---|---| | Unit of account | wsNET, held by the desk; the receipt is a count of NET | | Term | 30 days | | Advance | 40% of the lock at the open mark | | Open mark | The lower of the TWAP and spot, times the sNET index | | Close mark | The TWAP times the sNET index | | Fee | 10% of the advance, to the RWA Sleeve, taken in NET at the close | | Treasury share | 5% of the advance, in USDG, set aside at the open and paid at the close | | Owed | 115% of the advance | | Take | Once, at the close; yield first, principal only if the yield is short | | Repay | Any amount of USDG, any time, by anyone; the fee is not refunded | | Maximum advance per lock | 10,000 USDG | | Minimum lock | 0.01 NET | | Locks per wallet | Unlimited; one advance per lock | | Destination | Any address on Robinhood Chain | | USDG deposit | Buys NET on the canonical pool with the 5% trading fee and price impact; at most 25,000 USDG per zap call | | Inventory sale | The higher of the TWAP and spot, times the index, plus 5% to the Treasury | | House | The NetNet RWA Sleeve; may fund, withdraw unallocated USDG and halt new locks at any time | | Program funded | 100,000 USDG on 2026-09-25; the Sleeve may add more | | Sign-in | Email, passkey or wallet; gas sponsored for embedded wallets | ## Risk factors Beyond the fund-level [Risk Factors](/risks), stated plainly: * **NET price risk on the lock.** If NET is more than about 16% below the lock price at the close, principal is taken to cover the balance, and a fall of about 70% or more can take the whole lock. * **The dividend rate is not fixed.** The cushion is the yield the dividend program actually pays over the term, a formula of NET's premium to NAV that can be small or zero. A lower rate means less yield to cover the balance and a smaller cushion. * **Your NET is locked for 30 days** unless you repay in USDG. During that time it cannot be sold, staked elsewhere or used as collateral. * **The fee is paid whatever happens**, in NET at the close or, on an early repayment, as part of the balance you repay. * **The USDG path pays the 5% trading fee** and the pool's price impact on the way in. * **A stale price feed delays the unlock.** A close that must take at the mark waits for the oracle. Repayment does not. * **Capacity is finite and first come, first served.** The program is the USDG the Sleeve has funded, and the Sleeve may halt new locks or withdraw unallocated USDG at any time. * **Smart contract risk.** The desk and the zap are the fund's code and can have a defect. * This is a sale of yield, not a loan and not a deposit. It is not a claim on the fund or on anything the fund holds. ## Addresses All on Robinhood Chain (chain id 4663). Every link goes to the chain's canonical explorer. Both contracts were deployed at block 72454633 on 2026-09-25. | Contract | Address | |---|---| | AdvanceDesk (the lock, the advance, the balance, the close) | [`0xDe9df88ABA59b644D4d7f6305e52aB982A3cFCac`](https://robinhoodchain.blockscout.com/address/0xDe9df88ABA59b644D4d7f6305e52aB982A3cFCac) | | AdvanceZap (USDG, NET and sNET in) | [`0x04E2F5707A4421c7aFc7b56c14bc190550aC594D`](https://robinhoodchain.blockscout.com/address/0x04E2F5707A4421c7aFc7b56c14bc190550aC594D) | | WrappedStakedNET (wsNET), the unit the desk holds | [`0x63C12667638f2Ae6fC6ae09B43D98Ec84a8586eA`](https://robinhoodchain.blockscout.com/address/0x63C12667638f2Ae6fC6ae09B43D98Ec84a8586eA) | | Treasury, recipient of the 5% share | [`0x04822Ea321A0DEE6F40656172F29312104855d66`](https://robinhoodchain.blockscout.com/address/0x04822Ea321A0DEE6F40656172F29312104855d66) | | NetNet RWA Sleeve (Safe), the house | [`0x498752D5fa0600CBd613074C151Abe15B3FeC7CB`](https://robinhoodchain.blockscout.com/address/0x498752D5fa0600CBd613074C151Abe15B3FeC7CB) | The fund's other contracts are listed on [Official Channels](/official-channels). Not investment advice.