Fake World Assets completes one month on Ethereum with a strong thesis: the fundamentals of a major protocol and a new distribution channel for NFTs.
TokenWorks earns a fee on each pull. Part of that fee buys the token itself. This does not offset the volume. It defines the discount.
In six weeks, the protocol accumulated about 17.5k ETH in volume and 1,777 ETH in fees. At the July 25 peak, it even became the largest gas consumer on Ethereum.
That’s the stock.
The flow is a different ruler. Daily fees have already dropped about 98% versus the peak. TVL fell 37% over 30 days. The token fell 78% from the July high, when the launch’s cash rule changed within hours.
Annualize the recent revenue and compare the multiple of $FWA with Uniswap or Sky mix two businesses. Gacha lives on turnover. When turnover compresses, the “cheap” multiple stops being cheap.
What’s hard to copy is another matter. No one asked for the extensions that were built on top of the protocol. And the FWAIR Launch tests whether a new collection can be born inside the pool, instead of in a standalone mint.
Real revenue existed. The collectibles market is still a hypothesis.
In Brazil, there is no listed product. Whoever operates via a wallet reports pulls, keeps, settlement, and sales under the same regime as IN 1.888.
What yardstick do you use for a protocol that charges high in month 1 and slows down in month 2: the accumulated amount or the flow?
#Ethereum #NFT #Onchain #Criptoativos #MercadoDeCapitais
TokenWorks earns a fee on each pull. Part of that fee buys the token itself. This does not offset the volume. It defines the discount.
In six weeks, the protocol accumulated about 17.5k ETH in volume and 1,777 ETH in fees. At the July 25 peak, it even became the largest gas consumer on Ethereum.
That’s the stock.
The flow is a different ruler. Daily fees have already dropped about 98% versus the peak. TVL fell 37% over 30 days. The token fell 78% from the July high, when the launch’s cash rule changed within hours.
Annualize the recent revenue and compare the multiple of $FWA with Uniswap or Sky mix two businesses. Gacha lives on turnover. When turnover compresses, the “cheap” multiple stops being cheap.
What’s hard to copy is another matter. No one asked for the extensions that were built on top of the protocol. And the FWAIR Launch tests whether a new collection can be born inside the pool, instead of in a standalone mint.
Real revenue existed. The collectibles market is still a hypothesis.
In Brazil, there is no listed product. Whoever operates via a wallet reports pulls, keeps, settlement, and sales under the same regime as IN 1.888.
What yardstick do you use for a protocol that charges high in month 1 and slows down in month 2: the accumulated amount or the flow?
#Ethereum #NFT #Onchain #Criptoativos #MercadoDeCapitais