$FWA

$FWA bootstrapped both sides of the market and now ties protocol revenue to buybacks that reward depositors and purchasers while burning a share.

The pool is a two-sided market: it needs depositors to stock positions and purchasers to create demand, and neither side is useful without the other. $FWA is a fixed-supply reward token whose whole job is to solve that cold start: pay both sides for showing up early, then give the protocol a lasting value loop. Its accounting is separate from listing solvency: it cannot spend escrowed NFTs or backing, and it cannot change selection weights ¹.

Fixed supply, two phases

50% seeds the FWA/ETH market (a Uniswap pool), where $FWA trades.
30% funded the completed 15-day emissions phase: 15% went to depositors and 15% to purchasers, each streamed at 1% of total supply per day².
20% funds FWAClaim for the v1 snapshot distribution at Ethereum block 25,452,023. This Merkle token claim is separate from the legacy recovery page, which recovers NFTs and ETH from the v1 contract.

Three ways to earn $FWA

The dynamic surcharge split. The surcharge flexes with the time since the most recent acquisition request. A cold pool sets the whole surcharge aside as an FWA-buy allowance for the next successful purchaser; a busy pool sends it to depositors as usual; in between, it slides smoothly³.
Depositor rewards, by √value. Re-adds the size incentive the equal fee-split removes, but paid in $FWA so acquisition prices stay untouched. The fixed emission funded this accumulator first; 30% of bought-back FWA funds it now. It pauses when the pool is empty.
Purchaser rewards, daily. Each day's pot is split among that day's successful acquisitions; refunded acquisitions don't count. The fixed daily emission has ended; 40% of bought-back FWA funds the current pot now.

The market & live buybacks

The market charges a flat 1% on buys and sells. External buys are enabled, so anyone can buy or sell $FWA through the public market. The token's ordinary transfer restrictions still apply, but the verified FWATokenTransfer rail lets a holder move $FWA to another wallet: the sender signs an off-chain, one-time Permit2 authorization and submits the deposit transaction for a named recipient. Beginning with the next Ethereum block, the sender can push the funds, the recipient can claim them, or anyone else can execute the permissionless claim transaction; payment always goes to the recipient. Transfers cannot be canceled or redirected, and the sender cannot name their own wallet as the recipient.

Now that the fixed emissions phase has ended, the protocol-funded buyback pipeline is live, permissionless, and caller-driven. Anyone can call payoutFees() to move 100% of accrued protocol fees into the FWAToken buyback reserve. Anyone can then call buyback(), which processes up to 1 ETH from the reserve per call and pays its caller a 0.5% ETH execution incentive ⁴. The separate 1% FWA trading fee is not part of this allocation.

Each buyback splits its token output: 60% to purchaser reward epochs, 20% to depositor rewards through the same √value accumulator, and 20% permanently burned. Here, purchasers are FWA acquisition participants, not ordinary DEX buyers. The exact output is known only after the buyback executes, so an open-day purchaser estimate can change as buybacks and successful acquisitions arrive. It settles after the daily epoch closes and all pending acquisitions for that epoch resolve. Claimable amounts are contract-backed snapshots; values of at least 1 FWA are rounded to whole tokens in the interface.

The price limit now uses Uniswap's minimum valid setting, effectively removing the prior configured FWA token-price ceiling; full-input execution and available-liquidity checks still apply. More activity means more fees, more $FWA bought back, and more tokens rewarded to protocol participants or removed from supply.

Technical breakdown

1.
Fixed total supply is split 50% to a single-sided Uniswap v4 position, 30% to FWARewards emissions, and 20% to FWAClaim for snapshot wallets. The claim owner controls the Merkle root, the claims-enabled flag, and rescue of unclaimed tokens; the allocation is not part of listing escrow.
2.
EMISSION_DAYS = 15. During that fixed phase, depositors received 1% of total supply per day through the √backing accumulator (accTokenPerSqrt, depositorRatePerSec), and purchasers received another 1% per day through daily pots split pro-rata over successful acquisitions.
3.
The edge→$FWA share interpolates linearly between hotGap = 60s (all to depositors) and coldGap = 3600s (all to the $FWA buy), measured from the previous acquisition request and overridable via forcedTokenShareBps. A successful purchaser's buy is pull-based (claimAccruedTokens → _buyTokens inside FWARewards via a v4 unlock) and happens outside the VRF callback. In withdraw-only migration mode, an otherwise unspendable allowance can instead be recovered as ETH through withdrawTokenBuyAllowanceAsETH.
4.
Pool fee FEE_BIPS = 100 (1%) on buys and sells (LP fee 0), with externalBuysEnabled = true. Token transfers pass only for mint/burn, configured distributor legs, and hook-authorized PoolManager flows. With protocolFeeToTokenBps = 10000, each permissionlesspayoutFees() call sends 100% of accrued protocol fees to the buyback reserve, with no current owner payout remainder. Each permissionless buyback() call processes up to 1 ETH and pays the caller a 0.5% ETH incentive. Its sqrt-price limit is set to Uniswap's minimum valid value, effectively removing the previous FWA token-price ceiling, while full-input and available-liquidity checks remain. Bought tokens split 60% to purchaser reward epochs, 20% to the depositor √backing accumulator, and 20% to permanent burn. If no active depositor weight exists, the depositor slice is burned instead. A purchaser's share is epoch pot × wallet successful acquisitions ÷ epoch successful acquisitions. The open epoch remains an estimate until its pot and acquisition count stop changing.