How Coinshift uses Gelato in conjunction with Superfluid to enable secure money streaming
Coinshift is a treasury management solution for DAOs and companies built on top of Gnosis Safe, the leading platform to manage digital assets with multisig security. However, one of the limitations of Gnosis Safe is that you only have an overview of one safe at a time, making it difficult for crypto organizations to have a total view of their different safes across multiple chains. Coinshift’s tooling aggregates all of a user’s safes across multiple chains and gives a consolidated view so users can see all of their safes in one dashboard, making it easier for crypto organizations to do reporting, invest assets, and more.
Coinshift has partnered with Superfluid’s money streaming service to enable crypto organizations and companies to manage their payment streams (i.e. pay salaries), among other things. In order to stream money via Superfluid, a user needs to hold Super Tokens in their Gnosis Safe. Super Tokens are Superfluid’s extension of standard ERC-20 tokens, enabling money streaming (USDCx is the Super Token version of USDC).
However, holding a large balance in Super Tokens is not optimal from a risk management perspective. Therefore Coinshift uses Gelato Ops to automatically wrap or “top up” a user’s Gnosis Safe with Super Tokens, basically converting ERC-20 tokens to SuperTokens as needed each week to maintain existing streams.
“We believe streaming is the optimal way to automate salary payments for full-time employees and regular contributors, and we’re thrilled to go live with Superfluid as our streaming standard within Coinshift. Gelato is the secret sauce in our auto top up feature, ensuring salary streams run indefinitely without any additional human interaction, until a user wishes to stop or edit an existing stream.”
Patrick Pray, COO, Coinshift
How it all works:
If a user has below 7 days worth of runway in their SuperTokens (i.e. USDCx) in their Gnosis Safe, then Gelato calls a function on the StrollManager smart contract to upgrade the USDC to USDCx which will then continue the stream as usual. This means that users don’t need to convert a lot of USDC to USDCx upfront, minimizing their risk exposure.
To set this up, a user can call createTopUp on the StrollManager contract, specifying the token to be wrapped into SuperTokens and the condition when it should happen. The StrollManager contract stores all these requirements and ensures that a top up can only be executable when the requirements are met. Gelato constantly monitors each user and executes the top up when conditions are met.
The StrollManager allows for different strategies to be plugged in as well. One strategy utilizes Gelato Ops to automatically convert yield bearing tokens (i.e. Aave’s aTokens) to SuperTokens. This allows users to maintain their stream without losing the opportunity to earn yield on their ERC20 tokens.
“Money streaming is shaping up to be a powerful primitive in DeFi, and CoinShift’s unique way of interacting with Gelato not only benefits DAOs and other crypto organizations by minimizing risk, improving efficiency, and reducing complexity- but also benefits the entire Web3 ecosystem as the benefits of money streaming have far-reaching implications for other businesses and enterprises. We’re excited to see how this develops in future.”
Hilmar Orth, Gelato Co-Founder
About Coinshift
Coinshift is a leading treasury management and infrastructure platform that enables DAOs and crypto businesses to manage cash reserves, general financing, and overall risk. Coinshift provides a single and easy-to-use solution that facilitates and manages treasury operations in an efficient manner. Coinshift is built on the Gnosis Safe, which allows clients to utilize its core pay-out features to manage payments, engage in collaborative multi-signature transactions, and save up to 90 percent on gas fees. We extend Gnosis Safe functionality with additional reporting features, on Ethereum and Polygon, allowing users to save time and reduce operational and gas costs.
To learn more about Coinshift, visit: https://coinshift.xyz/
About Gelato
Gelato is Web3’s automation network, enabling developers to automate & relay arbitrary smart contract executions on and across all EVM-based compatible blockchains. Gelato’s goal is to provide developers with a reliable, scalable & decentralized network to which they can outsource all of their Web3 related DevOps needs.
► Check out what we’ve been working on at https://gelato.network/
Learn more about payment options for Gelato, including 1Balance here.
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