Roles

Fake World Assets is easiest to read as three participant roles with different incentives. Depositors provide liquidity by listing positions, purchasers create demand for them, and the protocol captures bounded fees from the places where NFT value, ETH backing, and participant choices diverge.

• Depositors provide liquidity by pairing NFTs with ETH backing to earn an equal share of acquisition fees per active position, the top-deposit reward pot if they hold the crown, and √value FWA rewards. Their risk is that their NFT is selected earlier than its weight-implied average, ending its earning life before fees and rewards have much time to compound, realizing a loss versus the cut they expected.
• Purchasers pay the acquisition price to receive a randomly selected position whose market value can be higher than the price they paid. After allocation, they keep the NFT or accept the depositor bid (in ETH or as FWA); they can also earn purchaser FWA rewards.
• The protocol earns from the spread between the NFT side and the ETH side through bounded acquisition and resolution cuts, retained settlement discounts, and the separate FWA trading fee. It can tune parameters, but it cannot touch locked backing or redirect accounted depositor ETH earnings. On mainnet, 100% of paid-out in-protocol fees funds the buyback reserve, leaving no current owner-payout remainder for the configured splitter. FWA trading fees continue to their separate fee wallet.

Background processors are operational infrastructure, not an economic role. Automation normally advances deferred requests, but anyone can use the same public processor and no processor can provide randomness or skip request order.