Brave, the innovative Web3 browser, has announced a groundbreaking update: users can now receive BAT rewards in Solana-based wallets, opening a new realm of possibilities for managing digital assets with enhanced speed and lower fees.
This exciting development, initially available to selected users before expanding worldwide, signifies a significant leap forward in how we interact with cryptocurrency rewards and manage our online privacy and finances.
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Introduction to Brave's New Feature: Receive BAT Rewards in Solana Wallets
Brave, the privacy-focused Web3 browser known for its cryptocurrency rewards, ad-blocking capabilities, and more, announced on February 22, 2024, that users can now receive BAT rewards in self-custody wallets based on the Solana blockchain.
Brave is a next-generation browser equipped with various features such as cryptocurrency rewards, ad-blocking, and a crypto wallet. One of its key features is Brave Rewards, which allows users to earn the cryptocurrency BAT by viewing ads.
Initially, the ability to receive BAT rewards in Solana wallets will be available only to a select group of users who receive an invitation. However, it is planned to be rolled out to all Brave users worldwide eventually.
Phantom and Other Wallets Supported for BAT Rewards
To receive BAT rewards in a Solana wallet, users need to connect their Solana wallet to Brave Rewards. Besides the Brave Wallet, external wallets such as Phantom are also supported.
When receiving BAT rewards in a connected Solana wallet, the rewards will be deposited directly on-chain to the Solana address using the SPL-BAT token standard.
This allows users to directly receive BAT rewards in their wallets and continue receiving rewards in the usual manner.
Why Choose Solana?
The choice of Solana (SOL) is attributed to its fast transaction speeds and low fees, which can significantly reduce the costs of distributing BAT rewards to hundreds of thousands of users.
Users can fully manage their earned BAT rewards in their own wallets and use them for various purposes, including:
- Supporting Brave creators
- Swapping for various tokens using the Brave Wallet swap feature
- Purchasing ".SOL" domains from Bonfida
- Depositing SPL-BAT in Orca liquidity pools to earn transaction fees
- Minting and purchasing NFTs with SPL-BAT
- Supporting favorite creators on-chain
Brave continues to introduce new features, including an off-ramp function to exchange cryptocurrencies for fiat currency, a token-gated calling feature for NFT holders, and a proprietary image and video search function independent of Google and Bing. The community is encouraged to look forward to further announcements.
>> Read the latest Solana-related articles here.
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