Project Overview
RESEARCH CONTEXT
TokenWorks is an active project space we have begun watching. Its headline contracts are verified on Etherscan, and one has published source on GitHub, which allows direct source-level analysis rather than bytecode decompilation.
Our research covers the code and on-chain infrastructure that we can independently verify. We document what the code does, to better our own understanding of how the studio builds.
⊙ generated by robots | curated by humans
NOTE TO DEVELOPERS
Please do not hesitate to reach out to us if we have documented anything inaccurately, if anything is out-of-date, or in general if there is any way that we could better support the project.
TokenWorks describes itself as "a playground for onchain financialized ideas" and operates from token.works. The shape of the operation is a release cadence rather than a single protocol: fifteen numbered works are listed in the project archive, dated from October 2024 onward, with Fake World Assets currently presented as live. Each work gets its own domain, its own contracts, and in most cases its own token; the TokenWorks site is the index.
Three works are currently fronted on the homepage:
- Fake World Assets (fwa.fun) — a randomized NFT acquisition pool. Depositors list an ERC-721 alongside an ETH backing amount; that backing both sets the listing's selection weight and funds an irrevocable standing bid to buy the NFT back. A purchaser pays an expected-value-priced fee for a Chainlink VRF draw that allocates one listing, then chooses between keeping the NFT and accepting the depositor's bid.
- Ten Thousand Tokens (tenthousandtokens.net) — a 10,000-supply ERC-721 where each NFT is a launch key for one future ERC-20. Burning the NFT launches the paired token and makes the burner its launcher; holding it instead earns a share of a pooled fee stream.
- PunkStrategy (punkstrategy.fun) — an automated CryptoPunks accumulation loop. Trading fees on the PNKSTR token buy a floor Punk, the Punk is relisted at a multiple of its purchase price, and the sale proceeds buy and burn PNKSTR.
The engineering signature is consistent across all three: Solady for base primitives, Uniswap V4 pools with custom Hooks, transfer-locked ERC-20s that open to the market on a deliberate switch, and Chainlink VRF where randomness is load-bearing.
Research Timeline
| DATE | TYPE | RESEARCH |
|---|---|---|
| 2026-08-11 | Contract Analysis | FWA |
| 2026-08-10 | Project Space | Initial umbrella pass — infrastructure map |
Known Infrastructure
Identity & Control
TokenWorks does not deploy from the address it publishes. tokenworks.eth is a trading, treasury and operations wallet that has never created a contract. Deployment runs through a separate account that tokenworks.eth funded on 2025-01-24, and which has since created the studio's contracts.
| ROLE | ADDRESS | NOTES |
|---|---|---|
| Published wallet | 0xFc3C962F...A21774 (etherscan) |
tokenworks.eth. Reverse record resolves to rhynotic.eth, which forward-resolves to the same address. |
| Primary deployer | 0x019817aD...13E8Cb (etherscan) |
No ENS. Owner of the live FWA and Ten Thousand Tokens contracts. |
| PunkStrategy deployer | 0xa679ebf8...10d81c (etherscan) |
Deployed PNKSTR only. Ownership later moved to a patch contract created by the primary deployer. |
Fake World Assets
Deployed 2026-07-16, superseding an initial 2026-06-30 deployment that remains on-chain. Source for the relaunch is public at token-works/fwa-relaunch.
| CONTRACT | ADDRESS | ROLE |
|---|---|---|
| FWA | 0xb276f62d...1eac1c (etherscan) |
Acquisition pool. Analysed. |
| FWA (initial) | 0x6596170e...8a6322 (etherscan) |
Superseded pool. |
| FWAToken | 0xa0Df17B5...20C845 (etherscan) |
Fixed supply, transfer-locked, own buyback sink. |
| FWAVRFService | 0xa084c33F...2E5D9f (etherscan) |
Collects the purchaser randomness fee and funds the Chainlink subscription. |
| FWARewards | 0x6a1a1C0C...92fc78 (etherscan) |
Token emission and reward distribution. |
| FWAClaim | 0xd4085d38...305655 (etherscan) |
Merkle-gated snapshot distribution. |
| FWAWhitelist | 0x854352b2...5e17c3 (etherscan) |
Collection whitelist; holds the pool's whitelist-manager role. |
| FWABuyback | 0xabc98d86...37a6bf (etherscan) |
Deployed 2026-08-05. |
| Splitter | 0x1C175b9F...373Bfe (etherscan) |
Protocol fee payout address. |
| FWAERC20Wrapper | 0x727c739f...c3d74a (etherscan) |
Wraps ERC-20s into pool-listable packs. |
| FWATokenWrapper | 0x470879ab...50f3e7 (etherscan) |
Wraps FWAToken into pool-listable packs. |
| Wrappers | 0xd716473c...b2f580 (etherscan) |
Wrapper receipt collection. Deployed by a third address. |
Ten Thousand Tokens
| CONTRACT | ADDRESS | ROLE |
|---|---|---|
| TenThousandTokens | 0x26d7ad0e...e2fb2e (etherscan) |
ERC-721, 10,000 supply, 0.01 ETH mint, 7-day window. Sold out. |
| Pool hook | 0xdee7A2ff...51A444 (etherscan) |
Uniswap V4 hook shared by launched tokens. |
| FeeSplitter | 0x6E46Eaa5...07683e (etherscan) |
Splits trading fees between launcher and holder pool. |
| The First Token (TFT) | 0x39356532...f33840 (etherscan) |
First launched token. Deployed by its launcher, not by TokenWorks. |
PunkStrategy
| CONTRACT | ADDRESS | ROLE |
|---|---|---|
| PunkStrategy (PNKSTR) | 0xc50673ED...E33eDF (etherscan) |
Token and acquisition machine in one contract. Deployed 2025-09-06. |
| PunkStrategyPatch | 0x1244EAe9...ba4838 (etherscan) |
Current owner of PNKSTR. Deployed two days after launch. |
| Pool hook | 0xfAaad5B7...06E844 (etherscan) |
Uniswap V4 hook collecting the trade fee. |
Public Sites
| SITE | URL | STATUS |
|---|---|---|
| TokenWorks | token.works | Active |
| Fake World Assets | fwa.fun | Active |
| Ten Thousand Tokens | tenthousandtokens.net | Active |
| PunkStrategy | punkstrategy.fun | Active |
| CMD | cmd.markets | Active |
| Twitter/X | @token_works | Active |
| GitHub | token-works | Public |
| Farcaster | tokenworks | Active |
Observations
The deployment record reads as a product line rather than a set of one-offs. PunkStrategy launched in September 2025 as a single-purpose contract, and within two weeks a NFTStrategyFactory appeared, followed by NFTStrategyRangeFactory, ERC20Strategy, ERC1155Strategy, RecursiveStrategy and a StrategyPublicLauncher. Collection-specific variants followed — ChecksFeeHandler, CrypToadzFeeHandler, MaxPainFeeHandler, ChimpStrategy, StreetStrategy, RipeStrategy, VibeStrategy, OtherdeedSplit. The pattern is to ship a bespoke instance, then generalise it into a factory.
The headline works are verified on Etherscan; a little under a third of the deployer's contracts are not, concentrated in a few same-day batches. Only the FWA relaunch is published to the organisation's GitHub, and that repository is a pre-deployment snapshot rather than the deployed revision — a divergence documented in the FWA analysis. PunkStrategy, Ten Thousand Tokens and the strategy factories are verified on Etherscan with no public repository.
Ownership is held by externally-owned accounts rather than by multisigs or timelocks, across every contract we have looked at so far. The live FWA pool's owner is the deployer account directly, with a configuration surface that takes effect immediately; the contract analysis records where that authority is bounded by code and where it is not.
Iteration is fast and happens in production. The FWA pool was redeployed sixteen days after its first version, and its buyback contract was replaced a day after deployment.