Fake World Assets, an Ethereum NFT gacha protocol built by the two-person team Token Works, briefly overtook Solana-based Collector Crypt in daily revenue after relaunching on July 20, according to DefiLlama data cited by The Defiant.
DefiLlama shows Fake World Assets generated $447,604 in revenue on July 25, its peak day so far. That put it ahead of Collector Crypt, whose daily revenue averaged roughly $360,000 over the past week. On that same day, total fees paid into Fake World Assets reached $1.6 million. In the four days following the relaunch, the protocol recorded roughly 2,000 ETH in volume across about 90,000 transactions, including around 35,000 individual pulls.
Collector Crypt regained the daily lead
The surge has since cooled and the revenue flip partly reversed. In DefiLlama’s chain rankings for the past 24 hours, Collector Crypt moved back into the lead with $270,186 in revenue, while Fake World Assets posted $167,869.
Even at that lower pace, Fake World Assets still ranked as the second-highest revenue-generating protocol on Ethereum over the past day. Only Sky was ahead, at $464,303. Fake World Assets remained above Aave at $105,282, Uniswap at $76,028, Lido at $74,755, and the $74,808 in ETH burned by the Ethereum network during the same period.
Top Ethereum protocols by 24-hour revenue
Source: DefiLlama, July 28, 2026.
| 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 |
How the NFT deposit and pull system works
Users deposit ETH-backed NFTs into the protocol, and buyers pay to pull a randomized item from that pool. Pricing moves with the ETH backing attached to each asset.
After a pull, the buyer can keep the NFT or sell it back for most of its ETH backing. The buyback rate is 85%, with the remainder kept by the protocol. Randomness is provided through Chainlink VRF. The deposit pool has grown to more than 1,500 NFTs, including CryptoPunks listed as top-tier prizes.
A 15-day “loss-to-earn” incentive window
The protocol also runs what it calls a “loss-to-earn” mechanism. Depositors whose assets are pulled by other users receive compensation through token emissions and fee distributions, giving users a reason to keep the pool stocked.
FWA token emissions run daily for the first 15 days after launch. Each day during that period, 1% of supply goes to purchasers and another 1% goes to depositors.
The Defiant said the brief flip points to demand for gacha mechanics on Ethereum despite transaction costs that run above Solana’s. The roughly 35,000 purchases made in four days also suggest that users were willing to pay that higher cost to participate.
Whether that revenue level can last remains unclear. The report noted that daily fees have already dropped by half from the July 25 peak. It also said the daily token emissions that reward early users expire 15 days after launch, while Collector Crypt’s June figures remain an order of magnitude larger on a monthly basis.
Project team and naming
Fake World Assets was built by developers Adam (@Rhynotic) and Teto (@tetonotsorry), who said the project is self-funded.
Its name is a play on the “real world assets” label attached to Collector Crypt’s tokenized trading cards, according to the report.
The incumbent on Solana
Collector Crypt has led the onchain gacha category since launching the feature in December 2024. The platform converts authenticated physical Pokemon and other trading cards into NFTs on Solana.
Users spent more than $209 million on its packs in June alone, accounting for roughly two-thirds of the category’s record $324 million month. The platform crossed $50 million in cumulative revenue in mid-June.
Its CARDS token listed on KuCoin on July 9. On July 13, Solana DEX aggregator Jupiter launched a gacha product powered by Collector Crypt’s infrastructure.