# Comparison

This chapter sits after HOLI is named. Two live Robinhood Chain designs show the two halves HOLI is trying to hold at once.

## SHROOM

**Liquidity Hub without Treasury NAV.**

[SHROOM Network](https://www.shroomnetwork.com/) shows that a liquidity intermediate can form a multi-asset hub on Robinhood Chain. SHROOM is a fair-launch, fixed-supply token. It pairs SHROOM against many stock tokens and other assets so those assets share a route. LP fees first auto-compound into pool depth; after what the protocol calls "critical mass," excess fees buy SHROOM on the open market and burn it.

That really is a multi-asset hub. What SHROOM's published mechanism does **not** disclose is a mark-to-market Treasury, NAV per token, or a redemption rule that binds market price. Token support comes mainly from trading, fee compounding, and future buybacks — not from a reserve NAV anchor.

Official pool data on **9 September 2026** listed 48 protocol-owned LP positions and about **$533,014** total TVL. The largest pool was about **$113,859**; several pools were under **$5,000**. Early expansion can leave depth scattered.

SHROOM mainly builds depth through fixed supply, fee compounding, and buybacks. It does not grow a Treasury share and the hub together.

## NetNet

**Treasury NAV without multi-asset POL architecture.**

On [NetNet's docs](https://docs.netnet.capital/), NET is a reserve instrument backed by a USDG Treasury. Idle USDG can go to Morpho. When NET trades below NAV, a buyback-and-burn path supports value. NetNet also has core NET/USDG liquidity and gets tokenized RWAs through Real World Bonds — but those assets sit in a separate **RWA Sleeve** that is explicitly **not** counted in NET's on-chain reserve or NAV.

So NetNet's main support logic is holding reserves, accruing yield, and buying back below NAV — not systematically deploying the reserve as a multi-asset liquidity network with NET in the middle.

The reserve is value support. It is not a hub.

## HOLI

**Treasury-backed liquidity hub.**

HOLI is both a Treasury share token and a cross-asset hub driven by protocol-owned liquidity. Treasury capital is meant to sit in markets paired against HOLI or SHYT, linking USDG, community assets, and tokenized RWAs. The same Treasury is supposed to do **value support** and **liquidity infrastructure** at once.

In an external-asset/HOLI pool, the reserve is not idle cash waiting for a buyback trigger. It is a **continuously running take-up**: the full-range V4 pool takes HOLI, deducts 1%, and releases the external asset. Protocol-owned LP is the house already on the other side via pre-deployed liquidity. Those LPs also earn swap fees. **HOLI pool fees:** buy HOLI **0**; sell HOLI **1% exit fee**, as **LP fee**. That 1% counts as protocol assets. Fees **accrue in the LP** or are **auto-collected to the Treasury**.

That is the [flywheel](/flywheel) a single-reserve-token model does not have: more admitted assets paired with HOLI may raise routing demand and fee income; deeper protocol-owned liquidity can lower the cost of listing the next asset. The loop is a design goal. It does not guarantee volume, yield, or price.

A market premium is still required for NAV-thickening issuance. It should not be HOLI's only long-run source of value. The long-term design is also to become a shared liquidity layer and routing asset on Robinhood Chain.

SHROOM is the hub without a Treasury NAV. NetNet is the Treasury NAV without multi-asset POL. HOLI is both.

| | SHROOM | NetNet | HOLI |
| --- | --- | --- | --- |
| Positioning | Multi-asset liquidity intermediate | Reserve-backed NET and a product stack | Reserve-backed cross-asset liquidity intermediate |
| Liquidity role | Common route for many stock tokens and other assets | Core POL concentrated in NET/USDG | HOLI as main intermediate, SHYT as auxiliary, connecting USDG and tokenized RWAs |
| Supply and capital | Fair launch, fixed supply; fee compounding, then buyback-and-burn | USDG reserves, bond sales, staking, buybacks below NAV | Genesis forms the initial reserve; issuance above NAV can thicken NAV |
| Value support | Trading demand, pool depth, fee buybacks | Treasury USDG (including Morpho) and buybacks below NAV | Pre-deployed POL take-up, NAV accounting, and routing demand |
| Productive reserves | LP fees compound into depth | Idle USDG can earn Morpho lending yield | External-asset/HOLI LPs take HOLI exits and earn swap fees |
| Main structural risks | Depth fragments across many pools; no disclosed reserve NAV anchor | NET premium, USDG/Morpho risk, and a separate RWA Sleeve | SHYT tax pace, RWA, oracle, IL and fading depth, NAV vs curve, contracts, HOLI below NAV with no redemption until a w vote, and adverse governance. POL does not remove market loss |

HOLI's protocol-owned LP is an executable, always-on take-up. It is not only a Treasury line. Exit is the curve plus 1%. A below-NAV buyback is a separate, optional discrete path; there is **no** NAV redemption until a [w vote](/staking/rights) passes. See [NAV ≠ Redemption](/nav/redemption) and [Main risks](/risk).