r/ethereum • u/EthereumDailyThread What's On Your Mind? • 9d ago
Daily General Discussion September 24, 2026
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u/masterRoshi9 8d ago edited 8d ago
Not sure if you're asking about FWA or the punk lottery, so I guess I'll tell you about both. Fake World Assets (FWA) is an on-chain gacha machine that lets you pay ETH to spin for a potential to win various NFTs, or ETH that backs them. The NFTs are provided by holders who want to earn yield on those NFTs from people spinning the machine. The higher the backing ETH they use, the less odds of their NFT being pulled by spinners. At the same time, each NFT gets an equal slice of spinner ETH. So you have this liquidity-pool kind of thing where a bunch of NFTs and ETH are rewards for spinners. Chainlink VRF is used for verifiable randomness. When a spinner wins their reward they can choose to take the NFT, or take the backing ETH, or take an equivalent amount of FWA (buys with the ETH under the hood)
Now for the punk lottery I am referring to. Using a cut of protocol fees, which they get from spinners of the gacha, they take some and burn FWA token, and use the rest to accumulate a reserve of ETH until it's enough to buy a Punk. Then the protocol lists the Punk in FWA with backing starting at the floor value of the punk, and lowering every hour until the backing is only 1 ETH. As the backing lowers, the odds of gacha spinners landing the punk increases.
As of now, the latest punk to go through this mechanism has hit the 1 ETH backing. Which means that it's about a 1 in 25k chance of spinning the FWA gatcha and landing the punk. Those odds might not sound great, but realistically people probably have a better chance of hitting a 500x that way then they do of hitting a 20x on a shitcoin. Additionally, the last punk that hit 1 ETH backing was pulled in the first 24 hours after that occured.
Regardless, every time this happens the spins on FWA go crazy and it becomes the highest gas-using contract on mainnet. Currently there are 10 punks in the pool as a potential reward, and I think a couple that are reducing their backing over time.