BlockBeats News, August 29, according to GMGN market data, Robinhood-backed DeFi protocol NetNet Capital's token NET briefly surged past $86 million in market capitalization, hitting a new all-time high, and is now retraced to $76.2 million, with a 24-hour gain of 15.56%.

NET is a concept coin of OHM (OlympusDAO), with the protocol architecture inspired by OlympusDAO v1, where NET is backed by USDG held in the treasury. The smart contract specifies that each NET is worth at least 1 USDG of Risk-Free Value (RFV); if the minted amount exceeds the treasury's held RFV, transactions will automatically rollback.