Submission Date
January 20, 2022
Project Links
Website: WAGSI Merchant
Project Description
We are building a product that works like a checking account in crypto. It will store users’ money in our protocol, help them earn interest, and facilitates recurring subscriptions (sending a fixed amount of money every month to merchants without approval each time.).
The current solutions allow only one-time payments with an expiry date post which the user has to manually subscribe again. The churn caused due to this process for SaaS businesses is huge. And payment reminders don’t work well in our experience having run a SaaS business ourselves previously. The ideal product is Wagsi where users give permission once to our contract and our contract automatically transfers the subscription amount to the merchant every month.
In the future, we are aiming to build an ecosystem around WAGSI. Two notable areas that we are aiming to target are-
- Building a product that will allow crypto experts to build a smallcase i.e. a basket of crypto tokens that reflects an idea/strategy. They can further share these strategies with users who can opt-in by paying a fixed subscription amount every month. For the users, they will be able to buy tokens with just 2-clicks.
- Building decentralized Patreon/Shutterstock to help creators earn 100% of the revenue they make with instant payouts through WAGSI.
Amount requested
50,000 USD
Milestones
Milestone 1
A safe to store users’ money that facilitates automatic payments every month to the merchants that the user is subscribed to.
Measurable results:
Smart contract to hold users’ money (tokens) and facilitate monthly payments to merchants without the user having to approve the transaction every time.
Dashboard for users to interact with Wagsi and complete both the actions of depositing money and approving transactions to their subscribed merchants.
Expected time for development: 3 weeks
Milestone Amount in USD: 10,000 USD
Milestone 2
Ability for users to earn interest on their deposited tokens.
Measurable results- A smart contract that generates yields on user deposits by investing them into one of the protocols amongst mStable, Beefy Finance etc.
(Protocol to be decided later based on the interest rate, ease of implementation, and liquidity.)
Expected time of development: 2 weeks
Milestone Amount in USD: 10,000 USD
Milestone 3
Payment links and Payment buttons for creators to monetize their audience.
Measurable results:
Launch Payment Buttons to help merchants accept payments by simply pasting a snippet of code on their DApp.
Launch Payment Pages for creators to monetize their Metamask userbase through an easy-to-use drag and drop interface.
Expected time of development: 4 weeks
Milestone Amount in USD: 15,000 USD
Milestone 4
Provide an open API/webhook for merchants to integrate Wagsi into their DApp as a payment mode. [For Developers]
Measurable results-
Fully customizable APIs for developers to integrate Wagsi.
Razorpay level documentation for APIs.
Expected time of development: 3 weeks
Milestone Amount in USD: 15,000 USD
