Author: sokravtsov

Simple Summary

Papaya will develop a convenient and useful tool for 1inch DAO to stream grants directly from Snapshot. There’s no product like this on the market yet, and you need it. 1inch DAO has distributed over 2 million USD in grants, so you should have an easy way to start grant streaming directly from Snapshot and revoke it if the agreed conditions aren’t met.

Abstract

Papaya is a cool scalable money streams protocol, that makes convenient tokens streaming and subscription-based services on-chain. Imagine things like Netflix, Spotify, or OnlyFans. It can handle thousands to billions of subscribers with fixed gas costs, ensuring infinite scalability and minimal transaction fees. Our smart contract, audited by Stronghold Security, is deployed on 7 chains: Ethereum, Polygon, BNB Chain, Arbitrum, Avalanche, Base, and Scroll. Dapp v1 has been released.

Motivation

• 1inch DAO will have the ability to initiate grant streaming directly from Snapshot after a vote.

• 1inch DAO will be able to revoke the grant stream and secure their funds from Snapshot if the terms of the agreement are not met.

• 1inch DAO can also use this tool to pay their contributors. Since large sums are often allocated, it would be better to distribute them in portions and control the process with streaming tool.

Specification

Papaya protocol will be integrated into Snapshot, allowing 1inch DAO to conveniently start grant streaming immediately after a vote.

When creating a proposal, you specify the recipient’s address, the amount, and the duration of the stream in months.

The progress of the streaming, including how much has been streamed and how much remains, will be displayed on snapshot.

A proposal can be created to revoke a previously issued grant if the agreed-upon conditions are not met by the other party.

After the vote, the grant stream will stop and 1inch DAO will be able to save its funds from unauthorized spending.

Flow diagram.

Papaya protocol supports multiple use cases:

Grants: Gradual funding with the flexibility to revoke based on performance.

Payrolls: Daily payouts to contributors, ensuring transparency and reducing end-of-month uncertainties. In the case of a long-term contract, 1inch DAO doesn’t need to transfer the entire amount upfront; a stream can be started at the necessary rate.

• Website / Dapp

• X

• Anton Bukov Speech

• Medium Article

• Github

Rationale

Our primary motivation for developing and launching the Papaya Streams Snapshot Tool is to provide the 1inch community with a secure, scalable, and user-friendly solution for managing grant distributions.

To date, we have achieved several milestones including:

• Integration of Papaya protocol with 7 major blockchains: Ethereum, Polygon, BNB Chain, Arbitrum, Avalanche, Base, and Scroll.

• Development and release of Dapp v1.

• Completion of a comprehensive audit by Stronghold Security.

By using Papaya’s protocol, 1inch DAO will be able to distribute grants more efficiently and transparently.

Considerations

Our team comprises seasoned professionals with extensive experience in web3, blockchain technology, and DeFi. The team has a strong background in computer science and has worked with leading blockchain companies. We can develop this product within max 10 months for $200k. Once the product is ready, we ask the foundation to choose the preferred audit company and allocate the necessary funds to ensure the max grade of security of the protocol.

The implementation of the Papaya protocol will enable 1inch DAO to significantly enhance the transparency and efficiency of grant distribution, ensuring careful use of funds and the ability to revoke streaming grants if conditions are not met. This innovative tool will be developed and ready for use within 10 months, allowing you to quickly start reaping its benefits. Our product will provide convenient and comfortable management of grants and payments, with flexible fund flow regulation and daily payouts to participants. The Papaya protocol is deployed on 7 blockchains and has been audited by Stronghold Security, ensuring reliability, security, and compliance with high standards.

We would like to receive the grant funds to our multisig address 0xEd892bCBf52B4A18e793D66025e64F52dccCd5De through our streaming protocol at app.papaya.finance in USDC. Just set the stream rate to $20k/month (Total 10 months - $200k).

*From our side, we will recognize that 1inch DAO supported Papaya in its early stage.

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Note: The DAO Operations Multisig: eth:0x45e84e10e8E85c583C002A40007D10629EF80fAF will be used to create the papaya payment stream. Details in this comment.