V1 guide & settings
The original main pool remains independent, with its own positions, rewards, and configuration.
V1 remains its own main pool. V2 does not upgrade, replace, or migrate it. V1 positions, pending settlements, fee earnings, and reward claims stay with their original contracts. Both main pools use the same $FWA token and ETH/FWA market.
How V1 works
Depositors pair NFTs with ETH backing. Lower-backed positions have more selection weight, and active positions share distributable acquisition fees equally. Purchasers pay the acquisition quote and VRF service fee, receive a random allocation, then choose the NFT or its pre-funded bid. Keeping and relisting with fresh backing is also available.
Requests process in order. Deposits stage while acquisitions are unresolved, and active withdrawals and backing changes wait until that queue clears. Missing randomness and excessive price drift can turn the pool acquisition fee into a withdrawable refund credit; the VRF service fee is excluded.
What stays different from V2
- No oracle backing ceiling. A V1 listing must satisfy its collection admission and minimum-backing rules, but does not need a collection-floor quote.
- No daily purchase blackout or oracle-drift kick. V1 purchases follow its operational gates and queue rules without V2's scheduled cold windows.
- No early-crown exit fee. Withdrawing the crown or reducing its backing vacates it and credits its accrued pot, without V2's additional 1% commitment charge.
- Original launches and rewards remain on V1. V1 FWAIR campaigns keep their original launch and settlement contracts. Their positions do not gain V2's zero NFT-outcome fee or receipt-based accounting. V1 reward claims continue through V1's rewards module.
Reading crown and settlement settings
The crown tithe is the share of distributable acquisition fees earned by the current holder. The crown threshold is the extra backing a challenger needs to take it. Neither is an exit fee; the 12-hour, 1% early-exit policy belongs only to V2.
Settlement windows start at allocation. The purchaser has the first exclusive window; afterward, the depositor may resolve the position too. The longer finalize window lets anyone finalize with the NFT going to the purchaser. These deadlines open additional actions: a transaction must still execute the settlement.
Published V1 reference settings
This is the published V1 configuration reference, not a live contract read. It includes V1 pool controls and the token and service settings used alongside it. Configurable values may change; the selected pool's transaction quote and onchain settings govern execution.
- Acquisition surcharge
- 2.5%
- Markup over weighted expected backing, dynamically split between depositor fees and a purchaser FWA allowance
- Crown tithe
- 1%
- Slice of each acquisition fee routed to the crown's reward pot
- Crown threshold
- 10%
- How much a challenger must beat the crown's backing to seize it
- Depositor bid rate
- 90% to purchaser
- What a purchaser receives when accepting the depositor bid instead of keeping the NFT (ETH or FWA); 10% is retained
- Retained-to-protocol
- on
- Whether the settlement discount goes to the protocol or back to depositors
- Protocol acquisition cut
- 1%
- Protocol's slice of the purchase fee after the purchaser FWA allowance is removed
- Protocol settlement cut
- 1%
- Protocol's slice of a position's value when a purchaser keeps the NFT (not when the depositor bid is accepted)
- Positive settlement slippage
- 10%
- Protocol-capped upward fee drift, snapshotted for each request
- Negative settlement slippage
- 10% default
- How much downward fee drift a purchaser accepts before receiving a refund credit
- Request confirmations
- 3 blocks
- Chainlink confirmations before fulfillment
- VRF service fee
- 800k gas / 30% / 0 flat
- Keeps the dedicated subscription covered; safe surplus may reimburse approved processing
- Selection timeout
- 30 blocks
- Inclusive word deadline; strictly afterward a missing request may expire
- Settlement window
- 1 hour
- Purchaser's exclusive period to keep the NFT or accept the depositor bid
- Finalize window
- 24 hours
- When anyone may finalize an abandoned position
- Min backing
- 0.025 ETH
- Floor on committed backing per position
- Cold-gap edge band
- 1 min / 60 min
- Activity thresholds for the dynamic surcharge → FWA split
- Forced edge split
- dynamic
- Optionally pin the surcharge → FWA fraction to a fixed value
- External FWA buys
- enabled
- Whether external addresses may buy FWA through the public market (sells are always open)
- Protocol-fee → FWA
- 100%
- Share of protocol cuts moved into the FWA buyback reserve when payoutFees() is called
- Buyback routing split
- 60% / 20% / 20%
- Purchasers / depositors / burned: how bought-back FWA is routed
- Buyback price limit
- Uniswap minimum valid limit
- Effectively removes the prior FWA token-price ceiling; full-input and available-liquidity checks remain
- Settle-as-FWA
- on
- Whether a purchaser may take the bid settlement as FWA
The V1 contract reference lists the documented mainnet contracts, collection reference, and Sepolia example. Use those bindings for V1 positions and claims; the main-pool guides elsewhere in these docs describe V2.