Sukanshi | Coinshift
Nov 25, 2022 5:36:45 AM
Uniswap is one of the largest trading platforms across Decentralized Finance (DeFi), with over 1.5 million users, 86 million trades, and over 790 billion USD in total trading volume since inception. Uniswap has become synonymous with token trading in crypto, consistently ranking in the top 5 for daily fees generated by users, a sign of its immense popularity.
Building on this incredible success, in Dec 2020, Uniswap governance created the Uniswap Grants Program (UGP) to help fund ecosystem development through targeted grants from the Uniswap Community Treasury. The initial proposal states, “By rewarding talent early with developer incentives, bounties, and infrastructure support, UGP acts as a catalyst for growth and helps to maintain Uniswap as a nexus for DeFi on Ethereum.”
Since its inception, UGP has awarded over 5.6 million USD in grants across multiple funding waves. Grants have focused on five key areas: sponsorships, community, tooling, usability, and governance. UGP’s grants have benefited over 60 teams across the larger crypto ecosystem.
Right from the start, UGP team members faced the daunting challenge of managing a multi-million dollar program to distribute funds across multiple teams and individual contributors, fully on-chain, in a timely, transparent, and cost-effective way.
UGP needed a payouts solution that was built on top of Gnosis Safe, ideally providing seamless integration, even allowing users to work directly within Gnosis Safe if they chose.
Easily onboarding users to the program was critical, as UGP expected to award thousands of participants from hundreds of teams. Reporting on those large numbers of transactions was also important, with the ability to add notes or labels to transactions ideal.
Finally and most importantly, the solution should enable 1-click, mass payouts. Because of the volume of transactions, it was critical to operating payouts efficiently, ideally with the lowest possible gas costs.
After an extensive review process, UGP selected Coinshift to manage payouts. Coinshift recognised existing Gnosis Safe accounts automatically, ensuring a fast and simple, 1-click setup. Coinshift users also have the option to perform transactions directly in Gnosis Safe if they prefer, or start the transaction there, and then view progress in Coinshift.
UGP signers and admin can add teams and individual contributors by importing a csv file, or input directly into the application, whichever is simpler.
Coinshift allows users to add labels and notes to all transactions. This can then be exported to a CSV file for more detailed reporting and accounting, greatly simplifying the analysis of historical transactions. Users can see the status of in-process and recent transactions within the app, along with a graphical summary of key metrics.
Perhaps the most important feature was Coinshift’s 1-click mass payout solution, which saves users time when processing many payouts and up to 90% of gas costs. Money that can then be funnelled back into additional grants to further UGP’s fundamental mission.
UGP and Coinshift developers have worked closely together from the beginning, ensuring timely support, and also building out new features based on UGP requirements. Coinshift recently implemented a feature allowing users to dynamically change individual transaction amounts during a mass payout, which UGP requested.
UGP needed an efficient and comprehensive disbursement solution. While many features were important, the ability to process mass payouts quickly and at a reasonable cost was our top priority. UGP chose Coinshift because of its ability to provide a batched disbursement solution that clearly addressed these priorities. Our continued close cooperation ensures the solution will be developed in a way that continues to meet the needs of UGP.