Good morning Crypto Twitter Thank you to all of the supportive DMs and the constructive feedback on the timeline. It's been an intense night after the last TokenWorks tweet. That being said, this is what I signed up for when I decided to build in crypto. Building a fully onchain protocol is an extremely difficult task, and even harder to do-so with a live token from day one. I've tried my best to plan things out weeks from today and follow them to a tee but you don't know how things are going to play out. I've been extremely transparent about the mechanisms and plans since day one. Every variable that can be changed is published with its range, as well as the plan to redirect future fees to buybacks after the emission period. Getting the FWA token in the hands of participants and believers of the product has always been the goal for the first two week period. If you don't like the token launch, there are thousands of products out there with points programs that I'm sure will TGE perfectly. If you don't like the product itself, I totally understand too. If you're part of the cryptoart side of my twitter that views me as evil for trying to build something cool for NFTs, we can amicably part ways here. I personally find a fully onchain financialized system to be a work of art, especially here on Ethereum. I'm not going to respond to all of the various dunks and takes i've seen across the timeline as there are too many. One thing I will respond to is questions of my long-term alignment. TokenWorks has historically launched an idea once a month for over a year. When a specific idea takes off, we run with it (PunkStrategy was our main focus for 4 months). Had we not kept iterating, FWA would not exist. TokenWorks has a huge financial incentive to continue working on FWA. As of this tweet, 1735Ξ has been earned as protocol revenue, with 1093Ξ going to TokenWorks (63%) and the remainder going to S02 holders (30%) and Teto (7%). Past performance is not indicative of future success, I don't know what will happen in the future but I do know we'll keep working on FWA and adding new ideas/mechanisms as long as we can. Since we'll be redirecting 80% of future protocol fees to buybacks of the token, it makes sense for TokenWorks to hold as much of the token as possible. I said yesterday that we would use 10% of revenue to buy the token as a team reserve, but after the discussions overnight will be raising it to 30% of the funds earned by TokenWorks thus far (327Ξ). A contract will be deployed today to autonomously handle these buybacks over the next 30 days. These tokens may be used in the distant future for mechanisms, sold, or burned. There is no way to please everyone. Thank you to those who have responded critically, but with a level head. If you jumped at my neck at the first mistake I don't think this protocol or TokenWorks is for you, because there will be many more. The Token Works

Forgot there was a ton of random NFTs on the Async Blueprint contract, probably better to not include that for now (I thought it was just Grifters / Coldie's DecentralEyesMashup / Alotta Money's collection). Removed for now

Whoever held the top NFT position withdrew their position, leaving the crown open. If your NFT is backed by more ETH than the current crown, you can claim the spot on the manage page (which right now only applies to what should be the true crown NFT position)

Some people have complained that the delay in being able to withdraw NFTs wasn't clear and frustrating. From 9pm-9:30pm EST, we'll be pausing purchases to allow anyone to withdraw with ease. We've also added a confirmation modal to ensure the risks are understood.

seems reasonable to disregard the nft as a depositor if you're just farming rewards. but I imagine once farming slows down we start to see more nft listings. EV on any deposit that's not the top is positive, but barely. May as well deposit to aave. however barely positive EV as a way to list an NFT still makes sense. Assuming you're not getting the top listing bonus: - backing a low value NFT with 100 eth, you expect a return of roughly 3 eth profit (and your nft back) - backing a grail nft worth ~100 eth with 100 eth, you expect a return of approximately 3 eth, with the added potential of effectively selling the nft for ~100 eth. The difference is subtle but I think it tips the scale in favor of backing nfts with fair valuations. At least I hope so.

Paying @Ethereum is good. @token_works' FWA protocol has already generated 48.34 ETH in transaction fees (nearly $100K) from over 145K transactions. → 43 ETH paid to validators → 8.55 ETH permanently burned FWA is going to save Ethereum

we’re still only four days into Fake World Assets and the response has been insane. there are many things we can add, changes we can still make to the current mechanisms, etc. what do you want to see?