TokenWorks said the initial launch phase for Fake World Assets has ended and token distribution to participants has been completed. The project plans to open external purchases at 3:00 a.m. Beijing time on Aug. 5. It also outlined changes to how protocol fees will be used going forward.
According to the update, 50% of future protocol fees that would previously have gone to TokenWorks will be redirected to a buyback mechanism. Tokens acquired through that mechanism will be split three ways: 70% to buyers, 10% to depositors, and 20% to be burned.
The project also adjusted two transaction parameters. The extra purchase fee will be reduced from 5% to 2.5%, while the depositor bid will rise from 85% to 90%. In addition, the buying function will be paused from 21:00 to 24:00 on Aug. 4, Beijing time, to allow depositors to withdraw.
Onchain financialization experiment TokenWorks said the initial release phase for Fake World Assets has ended, and tokens have been distributed to participants.
External purchases are scheduled to open at 3:00 a.m. Beijing time on Aug. 5, according to the project’s update.
Protocol fee allocation shifts to buybacks
TokenWorks said 50% of future protocol fees that previously belonged to TokenWorks will be redirected to a buyback mechanism.
Tokens obtained through the buyback will be allocated as follows:
- 70% to buyers;
- 10% to depositors;
- 20% to burn.
Purchase fee and depositor bid updated
The project also changed several operating parameters. The extra purchase fee will be cut from 5% to 2.5%, while the depositor bid will be raised from 85% to 90%.
TokenWorks added that the purchase function will be suspended from 21:00 to 24:00 on Aug. 4, Beijing time, so depositors can withdraw.
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