Fake World Assets, an Ethereum-based $NFT gacha protocol built by two-person team Token Works, overtook Solana’s Collector Crypt in daily revenue on July 25, four days after its July 20 relaunch, according to DefiLlama data.
The protocol pulled in $447,604 in revenue on July 25, its peak day, per DefiLlama — ahead of Collector Crypt, whose daily revenue has averaged roughly $360,000 over the past week. Total fees paid into Fake World Assets that day reached $1.6 million, against roughly 2,000 $ETH in volume across some 90,000 transactions, including about 35,000 individual pulls, in the four days after relaunch.
The launch surge has cooled and the flip has partially reversed: Collector Crypt retook the daily lead with $270,186 in revenue over the past 24 hours against Fake World Assets’ $167,869, per DefiLlama’s chain rankings. Even at that reduced pace, Fake World Assets is the second-highest revenue-generating protocol on Ethereum over the past day, behind only Sky’s $464,303 — ahead of Aave ($105,282), Uniswap ($76,028), Lido ($74,755), and the $74,808 in $ETH the network itself burned over the period.
The flip shows demand for gacha mechanics on Ethereum despite transaction costs that exceed Solana’s, and the roughly 35,000 purchases in four days suggest real users paying a premium to participate. Whether the revenue holds is another question: daily fees have fallen by half from the July 25 peak, the daily token emissions that reward early users expire 15 days after launch, and Collector Crypt’s June numbers remain an order of magnitude larger on a monthly basis.
Fake World Assets was built by developers known as Adam (@Rhynotic) and Teto (@tetonotsorry), who say the project is self-funded. Its name plays on the “real world assets” label attached to Collector Crypt’s tokenized trading cards.
Top Ethereum protocols by 24-hour revenue
Rank Protocol Category Revenue (24h) 1 Sky CDP $464,303 2 Fake World Assets $NFT gacha $167,869 3 Aave Lending $105,282 4 Uniswap DEX $76,028 5 Ethereum ($ETH burned) Chain $74,808 6 Lido Liquid staking $74,755 7 Titan Builder Block builder $61,034 8 ether.fi Restaking $54,781
Source: DefiLlama, July 28, 2026.
$NFT Deposits
Users deposit $ETH-backed NFTs into the protocol, and purchasers pay to pull a randomized item from the pool, with pricing that fluctuates based on the $ETH backing each asset. A purchaser can keep the $NFT or sell it back for most of its $ETH backing — 85%, with the remainder retained by the protocol. Randomness comes from Chainlink VRF, and the deposited pool has grown past 1,500 NFTs, including CryptoPunks as top-tier prizes.
The protocol also runs what it calls a “loss-to-earn” mechanism: depositors whose assets get pulled by other users are compensated through token emissions and fee distributions, an incentive to keep the pool stocked. FWA token emissions run daily for the first 15 days after launch, with 1% of supply going to purchasers and 1% to depositors each day.
The Solana incumbent
Collector Crypt has led the onchain gacha category since launching the feature in December 2024, converting authenticated physical Pokemon and other trading cards into NFTs on Solana.
Users spent over $209M on its packs in June alone, roughly two-thirds of the category’s record $324M month, and the platform crossed $50M in cumulative revenue in mid-June. Its CARDS token listed on KuCoin on July 9, and Solana DEX aggregator Jupiter launched a gacha product powered by Collector Crypt’s infrastructure on July 13.