Brave: Rewards in Solana
Crypto’s favorite browser posted a fire announcement recently.
Brave, the privacy-focused browser, recently announced the rollout of self-custody Basic Attention Token (BAT) payouts for Brave Rewards on the Solana blockchain 1. This highly requested feature allows Brave users to receive BAT earned from Brave Rewards directly to a self-custody wallet address on Solana.
How it works
The rollout of self-custody BAT payouts on Solana is currently an invite-only feature, starting with a limited group of participants. Users will receive a notification on the Brave Rewards page, indicating that they have been invited to try the new feature. This invitation enables them to receive self-custody BAT rewards using Solana. Wallets such as Phantom and Brave Wallet can be used to connect a Solana address to Brave Rewards. 1
The Wormhole-bridged SPL-BAT official token’s address is EPeUFDgHRxs9xxEPVaL6kfGQvCon7jmAWKVUHuux1Tpz. Once the wallet address is connected, users will receive monthly rewards in the form of Wormhole-bridged SPL BAT. Users have the option to receive the rewards in a non-custodial way or via a custodian.
OPOS: Only Possible on Solana
Brave considers Solana as "the ideal network" for launching this on-chain rewards feature due to its low fees and high transaction speed. This choice significantly reduces costs for on-chain reward distribution to thousands of wallets. While the popular Ethereum layer-2 scaling solution, Arbitrum, has an average gas fee cost of $1 to $0.10, Solana's fees are as low as $0.002 per transaction. This makes distributing rewards much easier and eliminates many of the common pain points users often face. Solana wallets are entirely owned by users, enabling them to receive rewards without limits or withdrawal fees. A no-brainer.
This makes distributing rewards much easier since it removes a lot of the common pain points users have. There are no limits, or withdrawal fees since the Solana wallets are entirely owned by the user.
But that's not all. Brave also highlights several ways in which users can utilize their BAT rewards on Solana, including:
Swapping SPL-BAT for other tokens within Brave Wallet
Using SPL-BAT to purchase a .SOL Bonfida Domain
Receiving trading fees by depositing SPL-BAT liquidity on decentralized exchanges like Orca
Supporting on-chain creators directly
Buying and minting NFTs with SPL-BAT
It is very impressive that a browser can reward users monetarily for watching ads (optional) in a non-custodial manner, with no limits or withdrawal fees, high transaction speed, and the added benefit of being able to use the rewards in various DeFi applications.
On-Chain Creator Contributions
Brave has also recently introduced a feature that allows users to directly support their favorite Brave creators with SOL and SPL-BAT. Creators can add their Solana and Ethereum wallets to their profiles and registered websites, making it possible for them to receive contributions from their supporters. Currently, SPL-BAT, BAT Ethereum, SOL, and ETH are among the supported tokens for contributions.
The contributions are:
On-chain and uncensorable
They go directly to the creator
No intermediaries involved
Brave says its mission involves providing users with “more control over how they use the Web and connect with their favorite creators.” The integration of Solana for self-custody BAT payouts and on-chain creator contributions aligns with this mission, empowering users to engage with the decentralized web and support content creators directly 2.
Recent SOL Statistics about SPL-BAT
I looked into recent stats about BAT in Solana, so far in the last 24 hours, a total of 43 swaps have taken place involving 15 distinct swappers. Notably, an overwhelming majority of these swaps, accounting for approximately 86.05%, were executed through Jupiter Swap v6, resulting in 37 transactions.
In the past 24 hours, the analysis of token swaps originating from BAT in Solana reveals interesting trends. The top three tokens that witnessed the highest frequency of swaps from BAT are as follows:
USDT emerged as the most prominent token, constituting 63.54% of the total swaps with a count of 7 transactions.
SOL, the native token of Solana, secured the second position with 27.27% of the swaps, amounting to 3 transactions.
Lastly, USDC accounted for 9.09% of the swaps, encompassing just a single transaction 3.
Please keep in mind the dashboard is constantly updated so data might be subject to change.
Brave: Privacy-centered
Brave's unwavering commitment to user privacy sets it apart from other browsers in the market. With its integration of the Solana blockchain, Brave takes another step towards enhancing user privacy and control within the Web3 ecosystem.
Privacy has always been at the core of Brave's mission. The browser's built-in privacy features, such as blocking trackers, disabling invasive ads, and offering secure browsing, have attracted a substantial user base 4. By integrating with Solana, Brave aims to further strengthen its commitment to privacy while providing users with a seamless Web3 experience.
Solana, known for its high-performance capabilities, scalability, and low transaction fees, aligns perfectly with Brave's vision for privacy-focused browsing. This alignment of values between Brave and Solana makes it a natural fit for Brave to leverage Solana's blockchain infrastructure to enhance user privacy.
Conclusion
The integration with Solana enables Brave users to receive their BAT rewards directly to a self-custody wallet address. This means that users have complete ownership and control over their BAT earnings, eliminating the need for intermediaries and custodial services 1.
Furthermore, Solana's scalability and low fees contribute to a seamless Web3 experience for Brave users 5. The fast transaction processing speed of Solana ensures that users receive their BAT rewards promptly, without any significant delays. Additionally, the low transaction fees associated with Solana enable Brave to distribute BAT earnings to a large number of users cost-effectively, reducing the barriers to entry and making the rewards more accessible.
With the integration of Solana, Brave not only prioritizes user privacy but also empowers individuals to participate in the decentralized web. By allowing users to earn BAT rewards and use them within the Solana ecosystem, Brave fosters a sense of ownership and control over one's digital assets. This aligns with the principles of Web3, where individuals have greater autonomy and can actively engage with various decentralized applications and services.
In conclusion, Brave's focus on user privacy is a key differentiating factor for the browser. By integrating with Solana, Brave enhances user privacy and control, aligning with its mission to empower users within the Web3 landscape. Solana's high-performance capabilities and low fees further support Brave's commitment to privacy and provide a seamless Web3 experience for its users. With this integration, Brave continues to champion privacy rights and empowers individuals to take control of their digital lives while participating in the decentralized web.
Sources:
Brave (n.d.). Brave announces initial rollout of self-custody Brave Rewards BAT payouts via Solana. Retrieved February 28, 2024, from https://brave.com/rewards-solana/
Brave (n.d.). Announcing On-Chain Web3 Crypto Contributions for Brave Creators — BAT, SOL, ETH. Retrieved February 28, 2024, from https://brave.com/on-chain-contributions/
Flipside Crypto (2024, February 28). BAT: Brave's Token in Solana. Retrieved February 28, 2024, from https://flipsidecrypto.xyz/chispas/bat-brave-s-token-in-solana-ZKQTiP?tabIndex=1
Brave (n.d.). Brave Browser Privacy Policy. Retrieved February 28, 2024, from https://brave.com/privacy/browser/
Solana (n.d.). Transaction Fees. Retrieved February 28, 2024, from https://solana.com/docs/intro/transaction_fees