Decentralised payment network and stablecoin system Havven last night began distributing $7m worth of its HAVeos tokens to users.

The drop accounts for around 50 million tokens for HAVeth holders.

Havven chiefs sanctioned the huge giveaway to mark the launch of its token on the EOSIO platform.

The company provides decentralised and stable payment methods regardless of platform and will continue to operate on Ethereum as well as on EOSIO. The network operates as a dual coin system where HAV is the collateral token backing the system’s stablecoin –  nUSD. The method allows HAV holders to play an integral role in maintaining the network’s stability.

Qualification

To qualify for the HAVeos tokens, HAVeth holders will need to hold a minimum of 1,000 HAVeth by the second snapshot on December 20 (the first was yesterday). For distribution value, Havven will calculate wallet balances as the average holding between the two snapshots. Exchange wallets will not be accepted. Eligible participants will receive at least half of their HAVeth balance in HAVeos. All distributed HAVeos tokens will be escrowed for six months and vest monthly for the following six months.

HAV tokens can currently be traded on KuCoin against BTC, ETH, and USDT, and on Gate.io against ETH and USDT.

Havven also recently announced the upcoming launch of its novel multicurrency functionality, which includes the Euro (nEUR), Japanese Yen (nJPY), Korean Won (nKRW), the Australian Dollar (nAUD), and gold (nXAU). These new stablecoins are intended to complement Havven’s USD-pegged stablecoin, nUSD, which launched in June this year. It is expected that further currencies will be added in the near future.

Reducing volatility

Havven was founded by Kain Warwick (pictured), co-founder and CEO of Blueshyft, a retail payment network of more than 1,250 locations across Australia. Blueshyft claims to be the largest cryptocurrency payment gateway in Australia, processing tens of millions of dollars in transaction volume. Major backers include BlockTower, BlockAsset, GBIC, AlphaBlock Investments and Astronaut Capital.

“We’re focused on growth as well as the core principles of decentralisation,” says Warwick.

“We are making calculated decisions to operate on the most popular platforms, and we’re adding extra currencies for our stablecoin to be denominated in.

“Havven is a true stablecoin, not just another fiat coin. It is important that decentralised systems have a way to make stable payments without compromising the ethos of crypto.”

The cryptoasset-backed stablecoin launched earlier this year. The network aims to reduce price volatility through its dual-token system: HAV, the collateral token, and nUSD, the asset-backed stablecoin. nUSD is collateralised by the value of HAV, and the value of HAV comes from transaction fees that are generated with all nUSD transactions and paid to HAV holders. The value of nUSD is kept stable by HAV holders, who are incentivised to manage its supply.