$FWA is still undervalued

Below are two theses and revenue sources that are about to kick in

$322K earned in the last 2 days

currently 1% from the spin price, 1% from the position if the buyer kept the NFT, and 15% if the buyer submitted the NFT to bid go into the distributor wallet (0x1C175b9F0e8C73eD3e677e1cBb1B5A2DD4373Bfe)

this fee is then split across three wallets:

70% goes to the team (63% to the first wallet, 7% to the second)

30% goes to S02 NFT holders

166 ETH earned so far

once token inflation ends, the team will need to use buybacks and burns to incentivize users to stay in the protocol (especially those spinning the wheel)

So the range here could be anywhere from 50% to 90% imo

given that the team has repeatedly said Tokenworks S02 holders are not an investment but rather support for the team, you could assume their 30% will go entirely to buybacks (there are also two levers - protocolFeeToTokenBps and the distributor ratio and their combination allows shifting the S02 share towards buybacks without touching the team's share)

same goes for the team allo, which will be cut if incentives aren't sufficient

in the bullish scenario we could see 90% going to buybacks -> burns + token distribution to users

at current rates that would equal ~$140K per day

But the most important thing is that the docs have a "Deploy Your Own" section

this will obviously be some kind of builder for decentralized gachas with a small built-in fee (i hope lol) that becomes an additional revenue source

given how much attention and volume the project is gaining, forks will start appearing soon

Usually when a new narrative and main runner emerges, forks/betas on it capture part of the potential liquidity that could've gone to the main runner. @Rhynotic is building a system where all these forks bring revenue to FWA rather than diluting the project, by giving all vibecoders pre-audited code with different custom parameters they can tweak for their own gachas

in the end, FWA won't just be a casino - it'll be infra for decentralized gambling

Sounds so bullish

🔍 Curated by @RickCrosschain
✍️ Original thesis by @miguelrare
🔗 https://x.com/miguelrare/status/2080239200838856778

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