Robinhood reported the strongest quarter in its history, posting $1.31 billion in net revenue, $573 million in net income, diluted EPS of $0.62, and total platform assets of $369 billion. One of the standout figures came from its prediction market business, where event contracts generated $156 million in revenue, topping both crypto and equities for the first time. CEO Vlad Tenev also highlighted Robinhood Chain, saying its DEXs have processed more than $12 billion in volume, the network reached 100 million transactions at record speed, and TVL stands around $325 million. Outside the company, crypto markets were largely flat after the FOMC, with BTC at $64.8K, while SEC Chair Paul Atkins said the agency is prepared to draft crypto market rules on its own if the CLARITY Act does not move forward. The broader update also covered ETF flows, Coinbase ahead of earnings, MoonPay’s PayBox launch, Binance US’s plan to seek DCM status, and activity across meme coins, DeFi protocols, and NFTs.

Fake World Assets, or FWA, is a new Ethereum mainnet project built by TokenWorks that packages NFTs, ETH backing, random draws and token incentives into a single on-chain system. Instead of listing an idle NFT on a marketplace and waiting, users can deposit a whitelisted NFT together with ETH to form a position inside a pool. Buyers then pay one dynamically calculated acquisition price for a random draw. The design hinges on a few moving parts. A depositor’s ETH backing acts as principal, determines how likely that NFT is to be drawn, and also serves as a standing buyback quote if the purchaser decides not to keep the NFT. If the buyer rejects the item, they can return it and receive 85% of the backing in ETH or in FWA tokens. Chainlink VRF is used for randomness, while the position with the highest backing receives a “Crown” and an extra share of fees. PANews’ breakdown also highlights the token model behind FWA. Half of the FWA supply is allocated to a Uniswap v4 FWA/ETH pool, 30% is emitted over 15 days to depositors and purchasers, and 20% is reserved for a v1 snapshot airdrop. The project also restricts early access to token acquisition through protocol participation, while keeping selling open. In practice, the system is trying to test whether NFT liquidity, game mechanics and token demand can be tied together inside one market structure.

Anthropic said an unreleased version of its flagship model, Claude Mythos Preview, discovered two previously unknown attacks on cryptographic algorithms, including one targeting HAWK, a post-quantum digital signature system that had advanced to the third round of the U.S. NIST competition. According to the report, the attack cuts the cost of stealing HAWK’s smallest key from 2^64 operations to 2^38, or about 67 million times less work. Anthropic said fixing the issue would roughly double key sizes, weakening one of HAWK’s main selling points: compact keys and fast signing. The report also stressed that HAWK has never been deployed and that Bitcoin still uses ECDSA, so no live crypto system was broken by the finding. Even so, the development matters because a broad push toward quantum-resistant crypto infrastructure assumes that the replacement schemes are themselves secure. The newsletter also covered a range of market and policy developments, including gains in BTC and ETH ahead of the FOMC, public backing for the CLARITY Act from BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi, fresh ETF flow data, Zcash’s Ironwood activation, and a burst of meme coin trading activity led by PIPEDOG on Robinhood chain.

Castle Labs’ latest on-chain market note tied together four developments now shaping the crypto market: mounting regulatory scrutiny of crypto vault strategies, fast early growth on Robinhood Chain, the sudden rise of TokenWorks’ Fake World Assets on Ethereum, and Mantle’s push deeper into tokenized real-world assets. The sharpest regulatory signal came from SEC Commissioner Hester Peirce, who warned that some crypto vault strategies may raise issues normally associated with portfolio managers or investment advisers, depending on how yield activities are selected and how assets are reallocated. That framing has intensified debate over whether vault managers are operating more like code-driven infrastructure or discretionary asset managers. On the market side, Robinhood Chain has already accumulated more than $800 million in on-chain assets and nearly $500 million in stablecoin market cap, with memecoin pairs accounting for 65.9% of spot DEX volume. On Ethereum, Fake World Assets reached roughly 10% of mainnet gas consumption within seven days of launch. Mantle, marking its third anniversary, ended the second quarter with 155 tokenized stocks, more than $1 billion in DeFi TVL and $955 million in stablecoin market cap, while continuing to build liquidity and execution rails around tokenized RWA products.

Ethereum NFT gacha protocol Fake World Assets briefly moved ahead of Solana-based Collector Crypt in daily revenue after its July 20 relaunch, according to DefiLlama data cited by The Defiant. The protocol, built by the two-person team Token Works, posted $447,604 in revenue on July 25, its highest day so far, while total fees reached $1.6 million that day. Over the first four days after relaunch, it processed roughly 2,000 ETH in volume across about 90,000 transactions, including around 35,000 individual pulls. The lead did not last. In the most recent 24-hour window referenced in the report, Collector Crypt returned to the top with $270,186 in revenue, versus $167,869 for Fake World Assets. Even so, Fake World Assets remained the second-highest revenue-generating protocol on Ethereum, behind Sky at $464,303 and ahead of Aave, Uniswap, Lido, and even the amount of ETH burned by the network over the same period. The report also outlined the protocol’s mechanics, including ETH-backed NFT deposits, randomized pulls using Chainlink VRF, an 85% buyback option, and a 15-day token emission schedule for purchasers and depositors. It contrasted that early traction with Collector Crypt’s much larger June figures, including more than $209 million spent on packs and over $50 million in cumulative revenue by mid-June.

TokenWorks has introduced a new mechanism called FWA, short for Fake World Assets, built around selected NFTs in the Ethereum ecosystem. Under the setup, eligible NFT holders can deposit their assets into a pool and attach an ETH collateral amount. The collateral affects how likely an NFT is to be drawn: the more ETH attached, the lower the chance the NFT is selected, which lets it stay in the pool longer and continue accruing trading fees and token airdrops for its original holder. Players on the other side can pay a fee to enter a lottery that randomly selects an NFT from the pool. If an NFT is drawn, the player can take the NFT, redeposit it with fresh ETH collateral, or forgo the asset and claim 85% of the collateral either in ETH or in the project’s token equivalent. The article describes the design as a game of incentives between depositors trying to maximize rewards and players looking to hit a valuable NFT or a large collateral payout. According to the piece, the game has been live for less than a week and one player has already drawn a CryptoPunk. As support expands beyond CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins to older and largely forgotten collections, the mechanism is also pulling dormant NFTs back into circulation. The article adds that copycat attempts are reportedly emerging on Robinhood Chain for inactive ERC-20 tokens, though how long NFT interest can be sustained remains unclear.

Foresight News reported that FWA’s maximum reward has been described as capable of reaching a 2,000x return, while the protocol brought in 1,000 ETH over a single week. The report also said the project comes from a two-person team that has never raised outside funding. According to the same report, the team has built 16 projects in total, and the largest of them once reached a market capitalization of $300 million. The original piece framed the key question around whether FWA can succeed this time, without offering a definitive conclusion in the source text.

Fake World Assets, a new Ethereum mainnet protocol built around an NFT draw mechanic, generated about $1.3 million in revenue within a little more than a week, ranking No. 15 among crypto apps by revenue over the past seven days, according to the source article. Over the same stretch, its token, FWA, moved from an opening market capitalization of roughly $47,550 to a peak of about $38.8 million. The report argues that the protocol’s structure, not the draw theme alone, explains the move. The project lets users deposit NFTs together with ETH, creating individual pools. The more ETH attached to an NFT, the lower its odds of being drawn. Depositors earn from a fixed 1% fee on each draw, an additional 1% fee tied to retained NFTs, and the spread created when most users sell unwanted NFTs back to depositors at an 85% discount. The article describes the setup as something close to an NFT AMM layered with a draw mechanism. What sets FWA apart, the report says, is that the token cannot be bought directly from outside the protocol. Users typically obtain it by drawing NFTs and choosing FWA instead of ETH when selling unwanted items back. That mechanic helped turn participation into token demand. The article contrasts this with Collector Cards, whose token utility has been criticized by its community despite solid revenue performance.