BAT (Basic Attention Token) Collaboration

Wasn’t sure where to post this, but just an Idea that crossed my mind.

I know BAT is accepted in a lot of key platforms for lending and borrowing, BUT the TVL isn’t too crazy compared to other assets, so it might not be a priority/added anytime soon.

BUT BAT is growing pretty fast: The number of active browser users per month increased from 11.6 million to 25.4 million. The daily number of active browser users increased by 126% from 3.8 million to 8.6 million. The number of verified content creators exceeded the 1 million mark.

They are also the first browser to implement IPFS. I think this browser will just continue to have strong healthy growth over the months.

SO I was thinking if it was possible to reach out to them and offer IDLE protocol directly in their brave browser wallet. It would allow users and the 1 million content creators to easily or even automatically invest their BAT rewards to earn the best APY across all DEFI platforms, instead of just having it sit in their wallet.

Like I said, I know the TVL for BAT isn’t anything crazy, but BAT will grow overtime in users. (I would personally use this mechanism right now if I had the option)

It would be a win win for BRAVE and IDLE, especially if we get the B2B referral system in place soon.

Brave can give users a simple toggle option directly in their brave wallet, that would allow rewards to easily be injected into IDLE, which then gets users the best yield across defi automatically. AND with referral system in place, brave would earn a portion of the 10% performance fee from all their users, which would allow them to build a treasury or w.e else they decide to do with funds. Its like a built in savings account on your browser.

IDLE benefits because we get increase TVL, a ton of free exposure because of Braves userbase (all of them would see it and likely use it), and it goes well with the entire decentralized movement. Also all the users would end up seeing and checking IDLE out…and many ppl that use brave browser also likely hold other assets that they would want to put in IDLE after they discover it.

I see zero cons from this imo - Only that APY is fairly low compared to others assets; I think on compound it was 2.7% + 6% in compound rewards for supplying and places like Aave were 1.1%. Also would need to create a wrapper for it. But just for the exposure alone, it would be pretty massive.

4 Likes

I personally like this idea, good job @Falcone.

BAT is listed on Compound and Aave and both protocols are already implemented in Idle, so the effort should be quite low (@william might give more insights on this).

The market size of BAT and its apys are pretty low ($44M in Compound, $870k in Aave), so we can assume that the direct fees stream coming from this integration won’t be a significant contribution to the protocol’s sustainability.

On the other hand, I think the development costs could be potentially subsidized by the visibility that Idle might receive from this integration. Brave user base is definitely committed and educated on cryptos, and the engagement rate could be very high.

Idle protocol can propose:

  • A new use case for BAT token holders directly in the Brave browser, improving the user experience and expanding the BAT’s composability ecosystem;
  • Include Brave in a possible Partner Program for fee-sharing led by the Pilot League

On the Brave side, they can:

  • Embed BAT lending on “Rewards” section;
  • Create the Idle card for stablecoin lending on the homepage (right now there are Gemini, Binance, Crypto.com);
  • Eventually, earn fees from forwarded funds thanks to the partnership;

The due diligence and negotiation phase can be managed by the Committee, which could act as an intermediary between the Governance and the partner.

6 Likes

@Davide touches a great point that is the ethos of the BAT community. I feel they perfectly align with what and how we are trying to build the idle protocol.
What would be the best way to reach out to them? Twitter? Are there any BAT community users also on IDLE?

2 Likes

Indeed, Brave/BAT is a crypto gateway drug for many privacy-conscious users.

They are a company, so bizdev@brave.com? About Brave | Brave Browser

If you get in touch, you may want to avoid calling their token “BAL” :slight_smile:

3 Likes

Ohh thanks! Typo fixed :grin:

In a few more days the Pilot League setup should be completed and we could hear also the opinion of the PM(s) on this.
Community reactions are definitely positive and I expect that this topic will be on the Committee’s shortlisted tasks.

Have a look at the “State of the BAT” report, a good material that highlights the mission to expand on-chain BAT utility.

5 Likes

The effort for adding a new ERC20 token, as long as it’s supported in Compound or Aave it’s relatively easy

7 Likes

I don’t know if it will be possibile, at the moment they are linked with Uphold exchange.
Every month the BAT earned in the preview month are deposited into Uphold wallet.
But if will be possible i’m in :smiley: :+1:

The BAT reward are always so few, just to know how will be the gas fee for the use of the system

3 Likes

I suspect you can just go right to the top and get 301’d to the appropriate place. Probably brendan@brave.com

I went to the brave chat and saw Brendan was in there. He said it was ok to DM him, so I did. I have yet to receive a response back tho. Just wanted to let you guys know. Maybe someone official from the team can DM him as a follow up or even ask about follow up in Brave community chat. Maybe he just needs time to think about it and view code, not sure. Just figured it was worth trying.

bredn info

3 Likes