Main pool overview

This guide covers the V2 main pool. Depositors pair NFTs with ETH backing. Each purchase requests a randomly allocated position for its named purchaser, who can differ from the payer. Lower-backed positions are selected more often; active positions share acquisition fees equally. After allocation, the purchaser chooses the NFT or its pre-funded bid. Collection-floor backing limits, daily cold windows, and a crown commitment govern how positions enter and leave the pool.

Chainlink VRF supplies randomness, and acquisitions process in the order they were requested. New deposits stage while requests remain unresolved; active withdrawals and backing changes wait for the queue to clear. Each request costs the pool acquisition fee plus a separate VRF service fee. See pricing and allocation for quotes, request limits, and refunds.

Backing follows a collection-floor ceiling

Listings, relists, and backing updates need a valid collection oracle observation unless an exemption applies. Backing may be no higher than the oracle ask plus the configured premium. At the 10% default premium, a 1 ETH ask permits up to 1.1 ETH backing. The pool's configured minimum still applies, and zero backing is never valid.

This is an upper ceiling. Backing may be below the oracle's blanket bid, and the quote is not a guarantee of the NFT's resale value. Collection admission is a separate requirement: having a quote does not whitelist the collection.

The owner can grant trusted receipt collections a separate oracle exemption. While enabled, their existing and future listings bypass oracle checks and drift removal, but keep the normal admission, minimum-backing, crown, and fee rules. This live permission starts disabled and does not grant FWAIR status. See collection exemptions for how revocation affects existing positions.

How the oracle gets a quote

A challenge proposal escrows one NFT at an ask price and ETH for a collection-wide bid of 90% of that ask, rounded up. During the challenge, someone can buy the offered NFT or sell another NFT from that collection into the bid. Either trade rejects the proposal. If the challenge ends without a trade and finalization succeeds, the oracle records the quote.

The oracle owner can also set or clear a trusted manual quote without that escrow process. Manual quotes are identified separately and still expire under the pool's maximum-age rule. They satisfy the minimum challenge-period check without representing a completed challenge. New deposits still need the pool's collection approval.

The pool rejects missing, stale, future-dated, or malformed observations, as well as challenged quotes whose period is too short. The owner can replace the accepted oracle while no acquisition remains unresolved. Existing nonexempt listings use the current ceiling for drift-removal eligibility, rather than keeping their original quote forever.

Cold windows let the queue clear

New single and batch purchases are blocked every day at 11:45–12:00 UTC and 23:45–00:00 UTC. Callbacks, ordered processing, settlement, and exits stay available under their normal rules. A request opened just before the window may still keep active withdrawals locked until it processes or expires.

Inside either window, and only when no acquisition remains unresolved, anyone can remove a nonexempt listing whose backing is above the valid current oracle ceiling. Exact equality is allowed. Active and unreserved staged listings can qualify; reserved staged listings remain protected by the acquisition lock. A changed quote alone does not remove a position: someone must submit the kick transaction.

A kick returns full backing and the NFT to the depositor, settles active listing rewards and any crown pot, and charges no early-crown fee. If automatic NFT delivery fails, the entitled recipient can recover it separately. A missing or stale quote cannot authorize forced removal.

The crown has a 12-hour commitment

Voluntarily withdrawing the current crown before 12 hours of uninterrupted tenure charges 1% of its backing. Reducing its backing during that period charges 1% of the old full backing, rather than just the amount released. Increasing backing preserves its tenure. The duration and percentage are fixed rules.

Allocation, a qualifying challenger taking the crown, and oracle-drift removal do not incur this voluntary-exit charge. Accrued crown earnings remain the holder's. After 12 hours, withdrawal or reduction is free of the early-crown charge, subject to the normal acquisition lock. Manual crown claims are depositor-only and also wait for unresolved acquisitions to clear.

FWAIR gets a listing-specific exception

• No oracle requirement for recognized launch positions. Their initial backing and updates bypass the oracle, and they cannot be removed by an oracle-drift kick.
• No NFT-outcome settlement fee. If the purchaser keeps or relists the NFT, full backing returns to the launch for its original supporter. If the purchaser takes the ETH or FWA bid, the supporter receives the NFT entitlement instead.
• A durable settlement receipt. Every successful FWAIR settlement records the outcome and exact amount. The launch can process the receipt automatically or synchronize it later if its notification was missed, without guessing from current NFT custody.

Recognition is saved when each launch listing is created. It is not a collection-wide exemption and does not pass to a purchaser's relist. A separately enabled collection oracle exemption still applies to that relist. Whitelist checks and applicable early-crown charges still apply. See FWAIR Launches.

Choose ETH or FWA at separate cashout rates

Taking the standing bid returns the NFT to its depositor. The source defaults and deployment configuration pay 90% of backing in ETH, or spend 92.5% of backing buying FWA for the purchaser. The retained amounts are 10% and 7.5%, respectively. The FWA percentage describes its ETH purchase budget; the token output depends on the swap.

Each rate can be configured independently within 80%–95% when the request queue is clear. Both are read at settlement time rather than locked at allocation. Read settlement choices for payout examples and timing.

NFT collection callbacks

NFT collections can also opt in to a callback after their listings settle. The notification identifies the purchaser, who resolved the listing, the outcome, and its settlement amount. The NFT callback guide explains which collections support it, when it fires, and what happens if the NFT contract's callback fails.

FWA rewards and fee buybacks

The main pool uses $FWA and the shared ETH/FWA market. It has dedicated rewards, VRF service, and recurring buyback contracts. Active depositors earn through the rewards module's square-root-backing accumulator, while successful purchasers share daily reward epochs.

The funded emission schedule lasts 15 days. Its clock starts the first time acquisitions are enabled. Pausing and reopening purchases does not restart it, and its emission buckets cannot be changed after the clock starts. The deployment sequence funds those rewards with existing FWA; it does not mint a new token supply.

The configured protocol-fee buyback share goes directly to FWAV2Buyback. Its purchases fund depositor rewards, purchaser epochs, and burning, with dedicated execution controls. Read buybacks and fee routing for shared market and fee-routing details.

Pool-bound integrations

The main pool has its own collection authority, token-pack wrappers, and Punk lister. The launch configuration leaves wrapper and Punk positions subject to the oracle ceiling. The Punk lister defers backing reductions during its early-crown commitment. Token rewards do not require a separate staking contract.