TokenWorks

TokenWorks is an onchain mechanism lab run by NFT developer Adam Lizek, known as Rhynotic, and an anonymous partner called Teto; it calls itself a playground for financialized onchain ideas and takes no venture money.

Its first season in summer 2025 raised about 250 ETH and launched 11 experiments, including CabalCoin, which holders could only sell by persuading an AI agent, and a community takeover platform where anyone could change the name.

PunkStrategy launched on September 6, 2025, using a trading tax to buy CryptoPunks, relist them 20% above floor and buy back and burn PNKSTR; its market cap ran from $1 million to $300 million in a month, peaked on October 5 and later fell more than 95%.

Season 2 opened on February 23, 2026 with a 1 ETH open edition, 10% of proceeds automatically buying PNKSTR and holders able to burn the NFT for a pro-rata refund.

FWA, a gacha machine, relaunched on July 20, 2026 and did $26.1 million of pulls and $10.3 million of fees in 30 days, including $1.63 million on July 25 alone, briefly making it Ethereum's largest gas consumer.

A two-person, zero-funding, fee-flywheel operation makes TokenWorks highly experimental; its mechanisms depend on attention and speculation, have short lives, and a third season is not guaranteed.

TokenWorks' NFT gacha protocol Fake World Assets (FWA) relaunched on July 20, 2026, facilitating about 2,000 ETH in volume, roughly 90,000 transactions and about 35,000 draws within four days, with over $1M in weekly revenue and 24-hour revenue surpassing the popular Solana protocol Collector Crypt.

Future strategy and roadmap: TokenWorks turns each token into a shell for an acquisition vehicle: a 10% trading fee funds continuous purchases of the underlying NFTs or tokens and the burning of the strategy token's own supply, and $AB500STR merely stretches that template from one collection to 500 generative art series. The real leverage is the TokenStrategy launcher — since January anyone can deploy a strategy for any ERC-20, even one whose contract has been renounced, with the creator fee also routed into buying, which turns TokenWorks from a self-operated studio into the protocol layer for strategy tokens, while PNKSTR serves as the ecosystem token absorbing buybacks from each strategy. The risk is equally clear: the model depends on liquidity in NFTs and long-tail assets, and in a cold market the 10% fee kills volume first and buybacks second.

Adam (Rhynotic) is co-founder and principal developer under a pseudonym. His career began as an independent Ethereum on-chain developer, and he runs a two-person self-funded studio with Teto that has shipped a steady stream of experimental projects since 2024, including PunkStrategy, Ten Thousand Tokens and Fake World Assets. He has represented the team in a Bankless interview explaining how the protocol is designed.

Teto (tetonotsorry) is a co-founder, also pseudonymous. His career began in on-chain contract development and NFT mechanism research. He keeps the studio's iteration cadence with Adam and worked on the PunkStrategy buyback mechanism and the Fake World Assets gacha pool through launch and retrospective.

surfcoderepeat is a core collaborating developer, also pseudonymous. His career began in on-chain application development, with Lotus on Arbitrum and FrenPet on Base, and he is part of the veteran on-chain developer circle the TokenWorks account follows and works with.