Today a user won a CryptoPunk for 0.06 ETH, the NFT is backed by 33 ETH, total pool 267 ETH, winning probability about 1 in 250,000
FWA is an on-chain gacha pool where users deposit NFTs and set an ETH backing amount. The lower the backing, the higher the winning rate, while also providing buyback offers.
Today, a user won a CryptoPunk for 0.06 ETH, the NFT is backed by 33 ETH, total pool 267 ETH, winning probability approximately 0.00041625% (1 in 250,000).
Interestingly, the winner is @matascup, who previously lost a Punk due to a V1 vulnerability, and the Punk deposited this time is from the protocol party @rhynotic.
FWA V2 has fixed the random number manipulation vulnerability, enhancing security through pre-submission status and inventory locking, with part of the protocol income used for fees and $FWA token buybacks.
Source: Public information
ABAB AI Insight
FWA was developed by a team including former VP of Yuga Labs. V1 was exploited due to predictable VRF callbacks leading to Punk theft, prompting the team to pause, audit, and compensate before launching V2, demonstrating rapid iteration capability.
On the capital path, users create liquidity and price discovery through backing and drawing, while protocol income and token incentives attract deposits, aiming to create NFT liquidity while providing entertainment and yield cycles.
Similar to NFT trading innovations on Blur or Tensor, this type of on-chain gacha is in the exploratory phase of NFT DeFi, combining probability and economic incentives to enhance participation.
Essentially, it represents a restructuring of the industry chain: traditional NFT liquidity is reshaped by on-chain random pools and backing mechanisms, originating from inverse weighted drawing and fee-sharing designs, forming a triple closed loop of price discovery, liquidity provision, and entertainment.
ABAB News · Cognitive Laws
Low backing means high risk and high return; probability is pricing.
Quick fixes after vulnerabilities are more trustworthy than perfect designs.
A good story beats a good product; narrative drives adoption.