PRD: Paymagic  💸✨

This post is the PRD for Paymagic, a hackathon project built as part of EthOnline. A “PRD” is a Product Requirements Document that describes a customer problem in an emerging market, proposes a set of features that meets their need, and provides tangible criteria for measuring success and enabling future product iterations.

If you have feedback, we’d love to hear from you here! 🙏

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Summary

Paymagic empowers DAOs and crypto teams to send specialized crypto payments, like batch transfers, vesting schedules, streaming, escrow, airdrops, etc, on any EVM compatible blockchain or Layer 2’s.

Problem

Blockchains are frequently used for executing special crypto payments, but there’s no simple application for managing them all in one place. DAOs and crypto teams need developers to deploy contracts and execute these payments or distribute rewards, rather than allowing the finance team to handle these tasks.

Target Users

  • DAOs & crypto teams want to send specialized crypto payments to reward contributors, pay contractors, issue vesting tokens, and more.
  • Crypto savvy users want to easily get paid in crypto for their contributions.
From Cooper Turley & Carlos
From Cooper Turley & Carlos

Description

The market for DAO tools is exploding! 🚀 And they need simple payment tools for sending a variety of smart contract-enabled payments for their operations but no single, easy-to-use app exists for them. L2s and sidechains open up more usage of crypto payments since the gas cost and transaction time are greatly reduced. Paymagic operates at the intersection of all these trends and seeks to provide the best tools and user experience to support the growth of these markets.

Payment Types
Payment Types

Initial payment types:

  • Disperse - Send tokens to multiple recipients at once
    • Great for rewarding followers or paying contributors
  • Vesting - Create a token vesting schedule for a recipient
    • Great for vesting tokens over time to your team or investors
  • Stream - Send tokens continuously by the second
    • Create real-time subscriptions, salaries, or vesting
  • Airdrop - Send token rewards for recipients to claim
    • Reward liquidity providers, users, or communities

Initial network support:

Success Metrics

  • Complete user testing with DAOs and crypto teams to use the application for their operations
    • Documented conversation with 5 teams
    • Document 3-5 key learnings from user interviews
  • Working web app prototype deployed to Polygon
    • No critical bugs
    • Average 5 transactions initiated through the web app each week

Solution

We built the Paymagic web app to meet the needs of DAOs and crypto teams. We hope you’ll give it a try, send some transactions, and give us your feedback!

For any user feedback, we’ll be compensating you with future tokens or NFTs as the project matures. Send your user feedback here! 🙏

Paymagic app v0.3
Paymagic app v0.3

Development

Paymagic was developed by David Eiber, Seth Feibus, and Corbin Page. We hope to onboard more team members and build the project into a DAO over time.

Product Backlog

  • Gnosis Safe support
  • Better network switching
  • New Payment types
    • NFT Airdrops
    • Private transactions
    • Different Escrow contracts
  • New networks
    • BSC
    • Optimism
    • Arbitrum

Thanks

Paymagic was inspired by the ideas and creations of projects like Disperse.app, SuperFluid, Sabler, MerkleDrops, and many many more. 🙏

Thanks to the users, DAOs, and SMEs that informed the project and contributed to its development. We hope you’ll join the DAO going forward. 💸✨

Standing on the shoulders of giants
Standing on the shoulders of giants
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