Brave Rolls Out Its 2.0 Roadmap for Improved DeFi and NFT Integration
Brave browser’s developers hope to increase the BAT’s use cases for DeFi and support for NTFs. Crypto focus has helped Brave to grow its user base.
Brave, the privacy-focused and crypto-friendly browser, has been doing significant work to incorporate cryptocurrencies into its service over the past year.
In its latest update, the privacy browser now looks to capitalize on some of the industries’ hottest trends, including non-fungible tokens (NFTs) and decentralized finance (DeFi).
Everyone Wants a Piece of DeFi
Recently, the Brave browser developers published an outline of some of their upcoming projects, showing that they plan to bolster support for cryptocurrencies as they go forward. The Roadmap 2.0 confirmed that the browser is looking to add support for non-fungible tokens (NFTs) and an aggregator for decentralized exchanges (DEX).
As the roadmap explained, Brave will launch an Ethereum-native wallet platform that will support several NFT and decentralized finance (DeFi) use cases. In addition, the wallet will provide API functionality and mobile support.
The primary DeFi component is a DEX aggregator, which will look to reward holders of the company’s Basic Attention Token (BAT). It will offer discounts to users who make BAT-based transaction payments and hold the token in their wallets.
BAT has been making some waves in the DeFi space. Last year, a report from blockchain analytics firm Flipside Crypto confirmed that the asset was the most used ERC-20 token in the DeFi sector between June 19 and July 2. A separate report from DApp.com showed that the asset generated $931 million in transaction volumes in Q2 2020, beating out Ether and DAI combined.
As Flipside Crypto explained, the surge came from developments in Compound – one of the DeFi sector’s top lending protocols. Compound’s working mechanism allows users to borrow tokens by depositing an equal amount of another token as collateral. Holders also earn interest on tokens locked. Since BAT has a 30 percent interest rate for lenders and borrowers, it became a top choice for Compound users looking to maximize their gains.
With the new development, Brave will be looking to support several assets across various blockchains. The company added that it would incorporate layer-one and layer-two solutions to reduce the high fees associated with continued use of the Ethereum mainnet.
Other developments incoming will include an expansion of the BAT’s functionality across the decentralized web, support for native internet uses (like web sharing, VPNs, search engines, and online shopping). Brave will also employ several channels to improve its community engagement and bolster its user base.
Crypto Boosts Brave
Brave’s crypto focus has been quite beneficial. The company’s privacy-first operation has resonated with many crypto users, many of whom hope to achieve greater anonymity while surfing the web.
The firm has also been famous due to its Brave Ads program, which offers users BAT units in exchange for engaging with ads. Last year, Brave confirmed that several top crypto firms – including lending service provider BlockFi, crypto-friendly trading app eToro, and crypto banking app Nexo – had improved customer engagement using its platform.
“Brave has proven to be one of the most effective channels in driving new customers to BlockFi. The opt-in experience creates deeper engagement that consistently results in a 3x higher CTR than any of our other paid media spend.”
Improved use cases led to Brave recording a stellar year in 2020. Brendan Eich, the company’s CERO, confirmed recently that Brave’s active monthly users jumped from 11.6 million to 25.4 million last year, with daily active users also rising from 3.8 million to 8.6 million.