A Step-by-Step Guide to Streaming Salaries With Superfluid on Polygon
If you’re reading this, then congratulations! You’ve already taken the first step to streaming salaries to your team with Superfluid.
For DAOs, streaming salaries with Superfluid is one of the most powerful (albeit new) tools available. Not only does streaming salaries enhance your contributors’ quality of life by rewarding them in real-time, but it significantly reduces the effort, overhead costs, and complexity when it comes to payroll management and execution.
In this post, we’ll cover all of the steps required to get up and running with Superfluid streams on Polygon so that DAO admin can ensure contributors are well compensated, with more time and capital to advance their organization’s collective mission.
How to Stream Salaries With Superfluid from your Polygon Gnosis Safe
1. Create a Gnosis Safe on Polygon with your wallet (set up here, you will need some MATIC in your wallet to complete this part). Setting up a Gnosis Safe will enable both higher security and the opportunity to delegate control/management of the streams to someone else in the future without needing to close and reopen all streams.
2. Transfer funds from your mainnet Gnosis Safe to wallet on mainnet (e.g., Ledger)
3. Transfer funds across the Polygon bridge, wallet to wallet (here is the official bridge link, you will need some Ether - ETH tokens - to pay gas fees.
⚠️ Warning: the funds moved across the bridge will go to the same wallet you transfer them from. Make sure you have control of the same wallet address on Polygon. Be careful, transferring from a mainnet Gnosis Safe address via the Polygon official bridge will most likely result in loss of funds.
4. Transfer funds from your wallet on Polygon to the Polygon Gnosis Safe you created in Step 1 (you will need some MATIC for this part as well)
5. Open your Gnosis Safe on Polygon, select “Apps” > “Add custom app”, then input https://app.superfluid.finance as the link of the custom app, tick the box below and click “Add” (you can find our how-to guide here)
6. The Superfluid Dashboard should be connecting to your Safe and loading. Once loaded, click the Deposit button and deposit the amount of tokens you would like to stream (confirm 1 approve transaction followed by 1 deposit transaction). Your tokens are simply wrapped and always in your wallet.
7. Click the Send button, insert the stream recipient address, insert the yearly salary amount, then select “/year” as time period and start streaming (confirm 1 transaction). When starting a stream a deposit worth of 4 hours of your streaming amount will be taken from your balance and locked in the protocol smart contracts. (i.e., if you start a stream of 1 DAI per hour, a deposit of 4 DAI is taken at the stream opening).
⚠️ Warning: The deposit associated with a stream is:
- returned in full by the protocol when you close the stream;
- lost if you run out of balance while the stream is still running.
8. Eventually name the address to know who you are streaming to.
All custom names given to address in our Dashboard are stored locally in your browser, which means we don’t collect or store data about it in our servers, and that if you clear your local browser cookies those name-address associations will be lost. You can export your address book to save it in your device and import it later.
9. Repeat steps 7 and 8 for all team members or contributors you’d like to stream to.
10. Top up your Gnosis Safe when necessary with wrapped token (i.e., if you are sending DAI, you need to top up your DAIx balance in order to avoid running out of funds and having all streams closed automatically)
⚠️ Warning: if you forget to top up your balance while streams are running, those streams will be automatically closed and the deposit associated with them will be permanently lost.
Voilà! 🎉 You’re all set. Stream on!
Please don’t hesitate to reach out to us on Discord if you have any questions about setting up Superfluid streams for your organization. We’re here and happy to help in any way we can!
Useful Links:
- Build with Superfluid, read our docs and join the conversation
- Handle recurring payments and crypto subscriptions
- Visit our Website or GitHub, follow us on Twitter, Discord or Linkedin
