Just when you thought crypto was getting boring, a new phenomenon is lighting up Crypto Twitter — Fake World Assets (FWAs). Yes, really.
It’s the latest iteration of the onchain gacha craze, where users receive a random collectible, or collectibles, that are usually worth very little, but are sometimes worth quite a lot.
Within four days of launch, FWAs guzzled so much Ethereum gas that they briefly became the chain’s largest gas consumer by fees over a 24-hour period.
At its peak on July 25, FWAs generated approximately $1.53 million in daily fees, and even leapfrogged Tether and Circle to briefly rank among Ethereum’s biggest consumers of blockspace. Its creators, TokenWorks, proclaimed:
“4 days since launch. Fake World Assets are the next big thing.”
TokenWorks is far from an impartial observer, but TVL continues to climb, reaching over $6.15 million on July 31. Fee revenue has now eased to around $350,000 per day, which…
