How SuperRare Automates Token Vesting & Prevents Costly Mistakes
SuperRare is a curated marketplace for unique 1/1 digital artworks. As one of the earliest champions of perpetual artist royalties and a leading platform in the Web3 art space, SuperRare is revolutionizing the economics of human creativity.
SuperRare launched their governance token, $RARE, in August of 2021, which led to the formation of the SuperRare DAO.
Getting ready for token distribution
Coming into 2022, SuperRare needed to bring accounting in-house — which involved setting up finance infrastructure, managing traditional and crypto accounting, and preparing for its first round of token distributions after the 1-year lock-up period. Sushen joined SuperRare in early 2022 as the first hire under their VP of Finance to manage this process.
SuperRare was already paying service providers and vendors with crypto, but there was no system in place to handle the upcoming token distributions. With their token lockup period ending in summer of 2022, SuperRare needed to distribute $RARE to its stakeholders, including the core team, investors and contributors.
It was critical that:
The initial cliff distribution was accurate for each wallet
Unlock and vesting timing was correctly scheduled
Distributions in the following months were accurate and sent automatically
The goal was to come as close as possible to an automated monthly airdrop.
There were several analysis tools available for crypto transactions (read-only), but it was difficult to find a solution that could schedule and automate transactions on SuperRare’s behalf directly.
In their search for a ‘Carta for crypto’, the SuperRare team found Liquifi and reached out.
Getting set up
To get SuperRare ready in time for their upcoming cliff distribution, Liquifi provided dedicated support to ensure that all their vesting and unlock schedules were uploaded correctly.
In the days prior to the first distribution, the core team was able to send test transactions to ensure the system was functioning as intended.
With Liquifi in place, Sushen was able to schedule distributions at the end of each month in advance — regardless of business hours or calendar dates.
The finance team has been free to focus on other priorities. Better yet, managing token distributions takes a matter of seconds instead of spending hours manually sending and recording transactions.
In smaller teams, it’s common to see a single person managing crypto finances. But as transactions grow in number and size, it’s necessary to build systems to deter potential bad actors and prevent errors.
With Liquifi’s approval features, the SuperRare finance team had full security and visibility over their distribution transactions from day one.
A combination of Telegram and email made the Liquifi team accessible for all of SuperRare’s questions and on-the-fly updates.
Visibility for employees
Many employees are left in the dark when it comes to their traditional stock options and crypto compensation.
By centralizing everything onto a single platform, both the Employer and employees/investors can easily see their vested and unvested tokens and have greater control of their token finances.
With white glove onboarding, powerful automation, and continuous support, Liquifi has been able to provide SuperRare with everything they needed to manage its token vesting and distributions.
If you’re looking to automate and fully manage your tokens - reach out to us!