After initially earmarking 50% of its fee share for buybacks, the Fake World Assets team pledged 327 ETH for a reserve, cut purchase fees to 2.5% and opened external purchases at 3 p.m. ET on Aug. 4.
TokenWorks said Fake World Assets completed token distribution for its initial launch phase and opened external FWA purchases at 3 p.m. ET on Aug. 4 after previously limiting allocation to protocol participants. In its initial update, the team said 50% of its future fee share would be redirected to a buyback mechanism, with buyback tokens split 70% to buyers, 10% to depositors and 20% burned, while purchase fees were cut from 5% to 2.5% and the depositor bid ratio was raised from 85% to 90%. After criticism that none of roughly 1,735 ETH, or about $3.2 million, earned in the first two weeks had been earmarked for buybacks, and with FWA down 43% over 24 hours to $0.0083 after touching $0.0066, co-founder Adam, known as Rhynotic on X, said up to 80% of future protocol fees would go to buybacks and 327 ETH would be used over 30 days to build a team reserve.