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The Brave browser succeeded. ethereum:0x0d8775f648430679a709e98d2b0cb6250d2887ef didn’t keep pace. Roadmap 4.0 is an attempt to close that gap. Basic Attention Token isn’t trying to become the next meme coin. It’s trying to become the economic layer for attention on the Internet. And unlike most crypto projects, BAT already sits inside a consumer product used by millions every day. As of August 2026, Brave reported: • 126.3 million monthly active users • 53 million daily active users That isn’t a test net or a theoretical use case. It’s a working browser competing with Chrome, Safari and Edge—while blocking trackers by default and rewarding users who opt into its advertising system. The original BAT model Advertisers pay to reach Brave users. Users who enable Brave Rewards receive 70% of eligible ad revenue in BAT. They can hold it, exchange it or contribute it to verified creators. Brave purchases BAT to fund those rewards. The idea was simple: tokenize attention instead of quietly harvesting and selling people’s personal data. The numbers that matter • Fixed maximum supply of 1.5 billion BAT • Approximately 99.7% already circulating • More than two million verified websites and creators • Founded by @BrendanEich —creator of JavaScript and co-founder of Mozilla—and @brianbondy • Recently trading around $0.09 • Market cap around $130 million • Still approximately 95% below its 2021 all-time high near $1.90 Brave continued growing, but BAT’s price and utility didn’t keep pace. That has always been the weakness in the investment thesis: Brave can succeed without necessarily creating sustained demand for BAT. For many users, BAT became something they earned and immediately sold—not something they needed to hold or spend. Why Roadmap 4.0 matters The new roadmap moves beyond notification ads and tries to connect BAT with payments, commerce, loyalty and creator compensation. The planned ecosystem includes: • Unified Brave Wallet combining cards, Brave Rewards and self-custody crypto • BravePay for private stablecoin payments • Brave Rewards Card offering BAT rewards on everyday purchases • Creator Contribution Protocol designed to compensate creators when AI systems use their work • BAT buybacks funded by a percentage of revenue from Brave Wallet, swaps, bridging, BravePay and the Rewards Card That final point could be important. BAT has historically lacked a strong connection between Brave’s growth and token demand. Revenue-funded buybacks could create that connection—but Brave still needs to disclose the percentages, scale and exact tokenomics. And the purchased BAT will fund rewards and ecosystem growth. It isn’t necessarily being burned. The honest investment case Bull case: Brave already has distribution that most crypto projects will never achieve. If its wallet, payments, card and AI-creator products gain adoption, they could create recurring BAT demand and reduce the old “earn and dump” behavior. With almost the entire supply already circulating, there is also very little future token-unlock dilution. Bear case: Brave’s browser share remains small compared with Chrome and Safari. Value accrual to BAT is still indirect. Users can continue selling their rewards, and Roadmap 4.0 remains partly a roadmap—not a finished ecosystem. The card, BravePay and buybacks must deliver meaningful usage. Announcements alone won’t fix the token. BAT is ultimately a bet that online attention can be priced without mass surveillance—and that a browser people already use can turn that attention into a functioning economy. The product is ahead of the token. Roadmap 4.0 is Brave’s attempt to close that gap.

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