DAOTOOL101 #12: Real-Time Financing with Sablier - zerohash

Author(s): sudaapi | sudaapi#1971

Editor(s): koala | koala#4988

Last updated: 30th May 2022

What is Sablier?

Sablier Finance is an Ethereum protocol that aims to transform finance while enabling real-time payrolls. It is fully decentralized and autonomous, meaning that no trust has to be placed in any party other than the blockchain. It enables seamless financial agreements that remove the need for human oversight and supervision.

https://twitter.com/VitalikButerin/status/1207296004652961803?s=20&t=EuF84R3fHvb0Cprg1opfBQ

Importance of Sablier Finance

Making monthly payouts is a difficult task for DAOs. From bounties to role compensation, much work and money go into executing the job. Sablier provides a continuous, trustless, decentralized and autonomous system to pay everyone in real time. By using Sablier, the payer can automated the paying stream to individuals and organizations at fixed intervals with a fixed amount. The flexibility of Sablier also enables the pause of these automated payment streams at the touch of a button.

What’s even more convenient is that Sablier Finance is fully integrated into the Gnosis ecosystem of dApps. Therefore, any community with a public Treasury manned by their very own multisig signers are able to initial and execute real-time financing from the Gnosis Safe app.

How does the Sablier protocol work?

You just deposit the money in the contract, choose a payee, and that's it. Sablier will take care of the rest as per the command. Here’s an example:

A 9,000 $DAI salary paid by Jack to Jill over the whole month of February. The start time would be February 1 and the stop time March 1. Every second makes Jill richer; on February 10, she would have earned approximately 3,000 $DAI. By February 20, Jill would have earned approximately 6,000 DAI; and by March 1, Jill would have earned the whole 9,000 $DAI as promised to her as salary compensation.

How to use Sablier with Gnosis Safe?

The withdraw function will transfer money from the Sablier smart contract to the sender's account (ie. their wallet address). The amount of ETH that can be withdrawn must meet or be equal to the current available balance. This function can only be called by someone who is either logged in as the sender or recipient for their stream, and not anyone else - including the admins.

Stream real-time income using Sablier from Gnosis Safe app

1. Open the Gnosis Safe app by clicking on Open app.

The app can be accessed at https://gnosis-safe.io/

To simulate the use of Sablier, we will use Gnosis on the Rinkeby testnet.

Connect your wallet to Gnosis Safe on the Rinkeby testnet.

2. Connect to your wallet to verify you are the owner of the Gnosis Treasury

3. Access the Gnosis Safe Apps and select Sablier.

Stream money with Sablier.

4. Fill out the form and click Create Stream

Input relevant details for real-time financing.

5. To start the stream submit and sign the transaction.

Submit the streaming transaction and adjust any parameters as required.

6. Get the confirmation from the multi-sig signers.

Sign the transaction to create real-time stream.

7. Go to Sablier itself and see the live stream.

Now you have 1 active outgoing stream.

Cancel active stream on Gnosis Safe app

1. Use the Sablier app and click on View outgoing streams.

Click the link to view active outgoing money streams.

2. Click on the Cancel button.

Cancel it, it's that simple!

3. Sign the approval using your wallet.

Make sure the contract interaction is to cancel the stream, as seen here.

How to withdraw crypto payment as a payee?

1. Headover to Sablier Finance and click on Withdraw.

2. Type in the amount you wish to withdraw from your Sablier streams.

Select how much you want to withdraw.

3. To receive the amount, confirm the transaction from your wallet.

Confirm the withdrawal with a wallet signature.

4. Check your wallet to see the amount.

Check your wallet balance to see the withdrawn crypto.

How to streamline payments from a personal wallet?

Note: If you are testing it on testnet, you need testnet $ETH. You can visit https://faucets.chain.link/ to get some for free!

1. First head over to Sablier Finance and click on Use Dapp Now

Simulated from MetaMask build in dApp broswer.

2. Connect your wallet.

Click on "Connect".

3. Then select the Stream button.

Click the Stream button to start streaming income.

4. Fill out the form and click Create stream. Here, we are streaming $wMATIC. Make sure to double check the stream recipient, duration of the stream and how much is streamed.

Once done, click on the "Create stream" button.

5. Give permission to access your crypto and click "approve" button

Allow Sablier to use your crypto assets by giving it approval.

6. Confirm the stream by confirming the transaction with your wallet.

Confirm the stream.

7. You will be given a link after the transaction is confirmed, share that with the payee for them to access the streamed money!

Summary

Sablier has created an open source protocol that is safe and dependable - taking into consideration from both external audits and public opinion. Now any DAOs can easily access Sablier and use real time financing fearlessly for compensating their contributors in a trustless manner within Gnosis, as well as from their personal wallet.

Useful links:

Official website: https://sablier.finance
Discord: https://discord.gg/bSwRCwWRsT
YouTube channel: https://www.youtube.com/channel/UCafis6qc-cN3Vpzgar7M_XQ
Documents link: https://docs.sablier.finance/