The development of AVA+ Rewards is nearing completion, with the feature currently entering the final stages of development before undergoing comprehensive testing. As excitement and anticipation build up to the launch that marks the first phase of establishing the AVA Open Loyalty Protocol, we remain focused on ensuring that we deliver the best product experience possible.
That’s why we’ve introduced a key update in the mechanics since the initial proposal to significantly improve the AVA+ Rewards feature. We’re pleased to announce that AVA+ Rewards will be structured as a flexible model rather than a fixed model with a set lock-up period. This change will provide members with considerably greater control when interacting with the on-chain AVA+ Rewards perk via their non-custodial wallets.
With the updated mechanics, and in the interest of delivering a thoroughly tested product with multiple independent smart contract audits for superior security, the feature is expected to launch in November.
Diamond members will receive exclusive early access to AVA+ Rewards before the feature rolls out to Smart Steel–Platinum members soon after.
Read on to learn more about the updated mechanics, how AVA+ Rewards will work, and browse the FAQs.
Updated Mechanics
In the community proposal, a fixed lock-up period that would see rewards forfeited if AVA is withdrawn early was initially proposed. With the updated mechanics, AVA+ Rewards will utilise a flexible model that allows members to claim rewards daily and decide when to withdraw AVA.
To withdraw locked AVA from AVA+ Rewards, the following two options will be available:
- 30-day withdrawal (no fee)
- Immediate withdrawal (2% fee)
30-day Withdrawal (No Fee)
Members will be able to submit a withdrawal request with a 30-day waiting period and manually complete the withdrawal after 30 days has elapsed with no fees. Members can also opt to cancel their withdrawal during the 30 days (and even after the 30 days has elapsed) for free and, by doing so, can claim the AVA+ Rewards they would have ordinarily received had they not submitted a withdrawal request. When a withdrawal request is cancelled, AVA will automatically be locked back up to continue receiving ongoing AVA+ Rewards.
For example, if a Smart Platinum member submitted a withdrawal request for 50,000 AVA and after 15 days changed their mind and cancelled the withdrawal request, they would immediately claim approximately 102 AVA upon cancelling their withdrawal.
Immediate Withdrawal (2% Fee)
Alternatively, members can immediately withdraw their locked AVA for a 2% fee. The fee will be deducted from the withdrawal amount and contributed in full to the Community Pool.
Any AVA+ Rewards received are not subject to withdrawal conditions and can be claimed daily. AVA+ Rewards will accumulate over time if unclaimed; no additional benefit will be provided for claiming frequently.
For example, if a Smart Platinum member has 50,000 AVA locked and opts to immediately withdraw 10,000 AVA, the 2% fee (in this case 200 AVA) will be sent to the Community Pool and the member will immediately receive 9,800 AVA to their wallet.
Rewards & Lock-up Caps
The rewards and maximum lock-up caps for each Smart membership tier remain unchanged from the proposal. Smart Steel-Platinum members will be able to receive AVA+ Rewards equivalent to 5% of their locked AVA per year, with Smart Diamond members receiving 6% by default and the ability to boost up to a total of 7.5% with an additional 0.3% per connected NFT.
See the applicable rewards and lock-up caps per Smart membership tier below:
How It Works
To participate in AVA+ Rewards, members will begin on Travala by entering their self-custody wallet address they will use to lock their AVA and receive AVA+ Rewards. This step is essential to apply the correct Smart membership parameters for each member and track any membership upgrades or downgrades.
Members will then be redirected to a dedicated AVA+ Rewards page on the AVA Foundation site to fully interact with AVA+ Rewards. Here, members will connect their wallet, lock AVA, claim their AVA+ Rewards, and make withdrawals.
Supported wallets/clients will include: MetaMask, WalletConnect, Rainbow, and Coinbase Wallet.
The step-by-step flow will be as follows:
FAQs
What network will AVA+ Rewards be on?
The AVA+ Rewards perk will be available on the Ethereum network.
Which wallets will be supported?
Supported wallets/clients include MetaMask, WalletConnect, Rainbow, and Coinbase Wallet. Each wallet address must not currently be in use by another Smart member account for AVA+ Rewards.
Will I need to be a Smart member to join AVA+ Rewards?
Yes. The AVA+ Rewards perk will be available to Smart Steel-Diamond members, starting with early access for Diamond members first. To activate your membership, visit https://www.travala.com/smart.
How will AVA+ Rewards be calculated?
AVA+ Rewards are calculated daily on the locked amount of AVA. For example, if you are a Platinum member and lock up 100,000 AVA, you will have a reward rate of 5% per year and receive approximately 13.69863 AVA per day.
How will I claim my AVA+ Rewards?
AVA+ Rewards will be claimable on the AVA Foundation website with one click.
How often will I be able to claim my AVA+ Rewards?
Your AVA+ Rewards will be claimable up to a maximum of once per day. Rewards accumulate without the need to claim at specific times, so whether you choose to claim daily, monthly, or yearly is entirely up to you.
Will AVA+ Rewards compound?
No. The reward rate is offered on the AVA amount that is locked up, excluding any accumulated rewards. For example, if you are a Platinum member and have 100,000 AVA locked for AVA+ Rewards, your rewards will be calculated on 100,000 AVA only, regardless of the AVA+ Rewards you receive or how often you claim your AVA+ Rewards.
Will the AVA locked in my Smart membership contribute to AVA+ Rewards?
No. The AVA used to activate your Smart membership is excluded from receiving AVA+ Rewards. Only the AVA that you lock specifically for AVA+ Rewards via your connected wallet is eligible to receive AVA+ Rewards.
Will I be able to lock more AVA in AVA+ Rewards after my initial lock?
Yes, provided that both your individual maximum lock-up cap corresponding to your Smart tier and the Maximum Overall Cap for the perk have not been exceeded.
What is the Maximum Overall Cap?
The Maximum Overall Cap is the maximum amount of AVA that can be locked in AVA+ Rewards by all participating members at any given time. The initial Maximum Overall Cap will be set at 5,000,000 AVA.
How can I withdraw my AVA from AVA+ Rewards?
AVA can be withdrawn in two ways:
1. 30-DAY WITHDRAWAL (NO FEE): Submit a withdrawal request with a 30-day wait time and no fee. The amount of AVA submitted in the withdrawal request will immediately cease receiving AVA+ Rewards, and you will have to confirm the withdrawal after 30 days. Any unclaimed AVA+ Rewards will be immediately sent to your wallet automatically.
2. IMMEDIATE WITHDRAWAL (2% FEE): A 2% fee from the requested AVA withdrawal amount will be deducted immediately upon submitting the withdrawal request. This fee will be sent in AVA to the Community Pool wallet to support the AVA ecosystem. Any unclaimed AVA+ Rewards will be immediately sent to your wallet automatically.
You also have the option to cancel your withdrawal request for free at any time within the 30-day wait period (and even after the 30-day wait period) and receive the AVA+ Rewards you would have ordinarily received during this period. When a withdrawal request is cancelled, AVA will automatically be locked back up to continue receiving ongoing AVA+ Rewards.
NOTE: Only 1 withdrawal request can be pending at any given time. If you would like to change the withdrawal amount, you must complete one of the three actions above before being able to withdraw a new amount.
What if I change my Smart membership while I have AVA locked in AVA+ Rewards?
Membership changes affecting the AVA+ Rewards perk are updated automatically in real time. If you upgrade, downgrade, or deactivate your Smart membership, the benefits will be updated corresponding to your new membership from the moment the action is made.
Upgrades: Upgrading your Smart membership immediately grants you an increased AVA maximum lock-up cap. Any unclaimed AVA+ Rewards will automatically be transferred to your connected wallet. If you’re upgrading to Smart Diamond (or adding extra Travel Tiger NFTs to your connected wallet), your AVA+ Rewards rate will also be increased accordingly on any locked AVA from the day of the upgrade.
Downgrades: Downgrading your Smart membership will decrease the maximum amount of AVA you can lock up and will reduce your AVA+ Rewards rate if downgrading from Smart Diamond (or disconnecting any Travel Tiger NFTs). Any AVA that you have locked in AVA+ Rewards will automatically continue to be locked and will receive AVA+ Rewards unless withdrawn by you. Any unclaimed AVA+ Rewards will automatically be transferred to your connected wallet. If you have AVA locked that is now above your maximum lock-up cap, no AVA+ Rewards will be received on the excess amount from the day of the downgrade, and you may choose to manually withdraw the excess amount of AVA from AVA+ Rewards by selecting the 30-day withdrawal option with no fees or immediate withdrawal with a 2% fee.
Deactivation: Deactivating your Smart membership will immediately cease your participation in AVA+ Rewards. Any unclaimed AVA+ Rewards will automatically be transferred to your connected wallet, and you must manually withdraw your AVA from AVA+ Rewards by selecting the 30-day withdrawal option with no fees or immediate withdrawal with a 2% fee to return it to your wallet.
Can I update my wallet address?
Yes, you will be able to update your wallet address by clicking the ‘Edit’ button in the wallet address submission section on Travala and entering your new wallet address. Editing your wallet address will transfer any currently locked AVA in AVA+ Rewards immediately to your new wallet address and lock it instantly with the same parameters. Any unclaimed AVA+ Rewards will also be automatically sent to your wallet.
How is AVA+ Rewards funded?
AVA+ Rewards is funded 80% by the Community Pool and 20% by the Ecosystem Incentives Wallet. Learn more about these wallets
Note: the information and designs contained in this article are subject to change and may differ from the final product, and will be subject to the final terms and conditions.
