Braves,
In less than 6 months BRAVE has become a global phenomenon. Over 24k enthusiast supporters trust today the future of age controlled payments, pushing us to the very top of the Stellar network ranks. With a progressive 20x price increase since the Initial Distribution date, Brave is arguably one of the best performing Stellar tokens of 2021.
Our Rewards have been an important vector for this success. They have accelerated our exposure in the Stellar Community, attracting an army of true believers in our vision. Yet, it has brought to us others, with worse intentions. People with no ethics, driven by greed and quick returns. People that abused the system with malpractices and cheats. People that use bots to dump every single token harvested through multiple accounts, sucking liquidity out of investors pools, manipulating the price…all in all, people that harmed our true, loyal investor base.
Funny enough, we must thank the bad guys. If you gaze into the abyss, the abyss gazes also into you. Thanks to them, now we know what took us right here.
Our Rewards were conceived to attract and retain loyal investors, giving them good incentives to keep and grow their holdings as new Corporate clients would inject more liquidity into the Market. The results of our VIP rewards exceeded our initial expectations: over 99.8% of the original VIPs keep their investments in Brave today.
With the Universal and trading rewards we aimed at creating an easier entry level to Brave. The idea was simple: little commitments for big returns, that would deflate overtime as more people qualified. This seemed to be the perfect incentive for our community to expand and attract new members to our project. We were wrong.
Both Trading and Universal rewards have been a call for fraud, in multiple forms and shapes. We detected users splitting their holdings among multiple accounts with the minimum qualifying balance; others, buying and selling among those accounts to also get the trading incentives; And bot accounts constantly dumping all the rewards harvested through multi accounts, sinking the coin price and compromising our growth. We witnessed how on every payroll, the dump of the extra supply in circulation offset the gains of a whole week and damaged our liquidity. We have been sitting on the lines for way too long seeing the same train coming over and over again. Now we must act.
After a thorough analysis, we are happy to introduce today our completely re-designed Rewards system.
1. OBJECTIVES
Our new reward scheme is built on 3 guiding principles.
- Eliminate fraud by design
- Reward longer term commitments whilst ensuring flexibility
- Foster adoption and coin value growth
2. MECHANICS
With Brave Staking our holders can now earn interest by staking their Braves for up to 12 months periods:
- 1 month: 0.5% (compounded APY 6%)
- 3 months: 3,2% (compounded APY 13,4%)
- 6 months: 9% (compounded APY 18,8%)
- 12 months: 26% (compounded APY 26%)
3. BENEFITS
Unlike universal and trading rewards or bank deposits, Brave Staking rewards:
- Do not require a minimum quantity to qualify.
- The payroll is customized to each user: there is not a fix pay date in the month for all users but the earned interest will be paid to each user when the chosen stacking period is over.
- The quantities deposited are not locked during the agreed term (1, 3, 6 or 12 months) so that the holder can withdraw them at any given time. In such cases, though, no interest will be paid.
- Holders will be notified in a selected e-mail address when the staking period is finished.
4. PLANNED BURNING EVENTS
In order to offset the impact in the coin price of the rewards distributed, each and every month 24 million Braves will be burnt to compensate the extra supply in circulation with the Staking rewards. These planned burning events will happen the last day of every month.
5. VIP REWARDS
The VIP Rewards will remain exactly the same as before.
6. EFFECTIVE CHANGES
Brave Stacking rewards will become effective the week of December 15th once all the necessary technical developments will be released in staking.BravePay.net
The Universal and Trading rewards will be immediately discontinued. The quantities for the Trading and Universal corresponding to November (24 Million Braves) and December 1st to 15th (12 million Braves) as well as the year end Big Prize for the Trading Rewards (20 Million Braves) will be burnt. This makes a total of 66 Million Braves that will be taken out of the Company reserves account.
Staying true to Brave´s Vision and protecting our strong Community exceeds the benefits or flaws of any short term impact on our coin price.
We keep working restlessly to keep growing this ambitious project with our upcoming App release, our participation in the Webit Founders Games finals, new strategic partnerships, referral program…and much more news that will be announced before year end.
We are here to make history, building the very first cryptocurrency with an age-tag. Our future belongs to us.
Thanks, Braves.
Javier Gutierrez.
Co-Founder and CEO at Brave
Madrid, November 15th 2021
