Bankless · Thursday, September 3, 2026
Adam details the FWA token's Genesis launch, where it could only be acquired through participation, not direct purchase. This mechanism aimed to distribute tokens to active users and bootstrap the protocol. He explains that protocol fees are used to buy FWA, distributing it to purchasers and depositors, with a portion being burned, thereby aligning token value with platform usage.
“And so some of the reasons of why you could only get it by participating... I've launched probably 16 projects over the last two years. And there's so many external factors that go into like why a project failed.”
“And so the best way to do that is to not let them buy. Don't let people buying that aren't buying. And there's different ways we could have done it. I've seen some other products pop up that are giving purchase allocation to people that participate in a project.”
“And so right now we have it set. So I think 40% goes to purchasers that day and 30% goes to depositors that day and 30% is burned. And I think it could be wrong on this network, but something like that. Okay, so there's a perpetual incentive to do the thing because there's always flows to buy FWA and that goes to like flowing to people depositing NFTs or doing purchases.”