Travala.com Governance

2 min read

Community Pool + Community Vote

 

 

Since launching in 2017, Travala.com has grown at a rapid rate, even in the midst of a global pandemic that has crippled many companies — especially those in the travel and tourism industry. One of the key reasons behind Travala.com’s success to date has been the ongoing support of our loyal community and holders of AVA. 

 

As the world begins to reopen following COVID-19, we’re expecting a massive rebound in travel demand fuelled by vacation-starved travellers across the globe. This, coupled with unprecedented growth in the cryptocurrency space, leads us to expect further acceleration of Travala.com’s success.

 

We’re proud of what we’ve managed to achieve as a team — particularly in the face of such uncertainty over the last year and a half — and in order to continue striving towards new heights, we realize that we need to continue to adapt and reinforce the tokenenomics and utility of the AVA token.

 

As such, from 1 August 2021, Travala.com will introduce the “Community Pool”, which will replace the existing Repurchasing and Burn Program immediately as well as the Smart Bonus APY of which the last bonus payout will be made on 4th August. Each month, 30% of all net revenues from Travala.com will be converted to AVA and added to the Community Pool.

 

As we continue to work towards greater decentralisation, the funds in the AVA Community Pool will be allocated by the community via the newly introduced “Community Vote”. This feature will increase the utility of the AVA token, further contributing to the transparency of Travala.com and the broader cryptocurrency ecosystem.

 

The progressively decentralised model underpinning the Community Vote will provide our community with a mechanism to determine aspects of Travala.com’s future, with AVA token holders able to vote on how funds in the Community Pool are spent. Initially, proposals will be put forward by our team based on sentiment from the community, with the view to open proposal submissions to the community in the future

 

We propose to use the Community Pool to turbo-charge our growth by using it in a number of focus areas, including:

  1. Creating an ERC-20 version of AVA allowing us to expand the use cases of AVA, reach new user bases and grow the number of AVA token holders
  2. Creating liquidity pools on different DEXs, such as Uniswap, Pancake Swap, Sushi Swap, and Balancer 
  3. Entering into DeFi and CeFi partnerships 
  4. Travala Smart card with global airport lounge access
  5. AVA farming for NFTs, and much more

 

How will the Community Vote work?

AVA token holders that hold an active Smart membership on Travala.com will be able to vote in favor of or against proposals directly from the new voting area on Travala.com. Votes are allocated in proportion to the member’s applicable Smart Level, with SMART Level 1 members receiving one vote and SMART Level 5 members receiving five votes.

 

How will the Community Pool work?

Travala.com will purchase AVA equivalent to 30% of all net revenues on a monthly basis to fund the AVA Community Pool. The estimated amount of AVA allocated to this pool on August 1st is 40,000 AVA, which corresponds to 30% of Travala.com’s net revenue for the month of July and has been additionally funded with 60,000 AVA from the company treasury.

 

The wallet address holding the community pool can be found here.