Basic Attention Token price is up over 40% today, making it the second-biggest gainer on Crypto.com, following Request Network. After the Solana partnership announcement two weeks ago, cryptocurrency exchange FTX recently added support for Wrapped BAT SPL withdrawals. Could this be the reason for the recent price hike?
What Is Basic Attention Token?
Basic Attention Token powers a new blockchain-based ecosystem for advertisers, focusing on rewarding users fairly for web surfing activities.
It features the Brave browser, which allows users to earn ERC-20 BAT tokens just for browsing the web. Download the Brave browser, create a BAT wallet and start earning tokens right away.
Creators can also sign up to Brave’s publisher platform and receive BAT when fellow Brave browser users visit their website.
Why Is Basic Attention Token Price Rising?
In our previous report about Basic Attention Token two weeks ago, we covered Solana’s recent partnership with Brave. The new partnership will help develop best-in-class wallet features for the Solana blockchain, integrating them into Brave’s browser.
The complete integration should happen in the first half of 2022, and investors are excited. After the Solana partnership announcement on November 8th, BAT’s price increased by over 40%.
Since then, we haven’t heard much news regarding any other partnerships, but according to a community call on November 23rd, we did hear some information about the ongoing Solana wallet integration.
Last month, cryptocurrency exchange FTX updated their withdrawals for Solana accounts. As of October 21st, USDC withdrawals from FTX to Solana accounts will send the native USDC-SPL token. The recent integration means that Solana wallets need to be updated to accept the new SPL token.
According to last week’s community call, Luke Mulks, VP Business Operations at Brave, said:
“One thing we’ve been doing is clearing out the paths for people that want to wrap that (SPL withdrawals) into Solana. . .and also we’ve been working with a lot of the DEXs and Yield Aggregators in the Solana ecosystem to start talking about how we can integrate them”
In addition, Luke Mulks mentioned how FTX had added support for BAT as an asset that users can withdraw to Solana. If someone wants to buy BAT with USD or convert BAT from another digital asset, they can convert their ERC-20 BAT to SPL BAT and withdraw them to a Solana wallet.
Buckle up for some Solana fun. 🔥 https://t.co/Rvvz8QoFZo
— Dan Murphy (@heydanmurphy) November 16, 2021
It’s a big deal because the FTX integration creates an easy and low-cost pathway for non-technical users to get into the world of cryptocurrency without dealing with the nuances of Decentralized exchanges.
Users can send their Mainnet ERC-20 BAT tokens to FTX, then withdraw them as Solana SPL BAT tokens at low cost and lightning-fast speeds.
At the time of writing, Basic Attention Token is trading at $1.59, up 33% today. BAT’s 24-hour trading volume is $3.1 billion, most coming from Upbit, Binance, OKEx, and Coinbase Exchange.
Basic Attention Token’s market cap is at $2.3 billion, making it the 68th largest cryptocurrency on the market.
In addition, with the recent price hike, BAT set a new all-time high of $1.8. The cryptocurrency set its previous all-time high back in April when it peaked at $1.5.
If you haven’t yet, I highly recommend checking out the Brave browser as an introduction to BAT. With the Metaverse hype underway, Web 3.0 solutions like Basic Attention Token are going to exponentially. BAT makes for a great long-term hold for 2022.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.