In the Ethereum mainnet, a token named $PNKSTR has surged by around 160% in the past 2 days, with its market cap briefly surpassing $50 million, becoming a dazzling sight in the extremely dry on-chain market. Currently, the token has retraced slightly, with a market cap of around $43 million.

The full name of $PNKSTR is "PunkStrategy," which achieves an NFT and token cyclical flywheel through trading CryptoPunks NFTs. Each $PNKSTR transaction incurs a 10% fee, with 8% being deposited into the protocol. Once the protocol's pool accumulates enough funds to cover the cost of purchasing CryptoPunks, the contract automatically buys a floor-priced CryptoPunk and sets an automatic sell order at 1.2 times the purchase price. Upon successful sale, the ETH received is used to buy and burn $PNKSTR tokens.

Currently, the fee revenue of $PNKSTR has approached 700 ETH, completing full buy-and-sell transactions for 12 CryptoPunks, resulting in approximately 2.8% of the total supply of tokens being burned.

Essentially, this is one of the hottest topics in the NFT community recently, with active discussions among NFT KOLs and various Twitter users displaying CryptoPunks. Interestingly, @waleswoosh, a prominent NFT KOL, once tweeted on September 15 when $PNKSTR's market cap fell below $10 million, predicting the imminent demise of $PNKSTR. However, a week later, $PNKSTR skyrocketed.

The developer who deployed $PNKSTR is not an unknown figure, but TokenWorks, a group composed of developers who have been actively involved in various on-chain projects. TokenWorks' official account follows 5 individuals, each of whom is a seasoned player in the blockchain space, such as @surfcoderepeat, who has previously worked on Lotus on Arbitrum and FrenPet on Base.

Before $PNKSTR, TokenWorks' most famous and successful project was the "Black Hole Coin" $O on the Shape network, and even beeple once tweeted to promote $O.