Fake World Assets protocol spikes Ethereum gas usage, revises token buyback after backlash

Fake World Assets (FWA), an on‑chain gacha‑style NFT protocol built by TokenWorks, quickly became one of Ethereum’s top gas consumers, generating about $1.53 million in daily fees on July 25 and reaching a total value locked of over $6 million by the end of July. The rapid activity was driven by token incentives and a lottery‑like mechanic that attracted speculative participation, though fees later fell to roughly $350 000 per day.

After the initial surge, the community discovered that only a small portion of the $3.2 million in protocol fees collected during the first two weeks was allocated to token buybacks, causing the FWA token price to drop about 43 percent. TokenWorks responded by revising the buyback program to commit 80 percent of future fees to repurchases and pledged 327 ETH as reserve funds, aiming to stabilize the token’s value and restore confidence.