Biconomy, a leading Web3 infrastructure company, provides innovative tools to simplify blockchain interactions, including gasless transactions and smart account modules. To streamline their token vesting processes, Biconomy needed to transition from their previous token vesting provider to a more efficient and automated solution.
Challenges:
- Transitioning from Another Provider: Biconomy sought a token management system with more advanced and flexible team features and required a seamless transition from their existing token vesting system to avoid any disruption in their operations.
- Complex Stakeholder Management: The company managed over 30 stakeholders on four different vesting schedules. Each stakeholder had already claimed or received varying amounts of tokens, adding complexity to the transition.
- Manual Calculation Burden: Before discovering Magna's capabilities, Biconomy was manually calculating the remaining vesting periods for each stakeholder. This involved determining the number of months left for each person based on the tokens they had already claimed, which was labor-intensive and prone to errors.
Magna’s Solutions:
- Simplified Transition: Magna's platform enabled Biconomy to transition smoothly from their previous provider. Stakeholders’ historical token claims were integrated seamlessly, and vesting schedules were recalculated automatically, maintaining the integrity of the vesting process.
- "Received Off Magna" Feature: Using Magna’s "Received Off Magna" input, Biconomy could easily import data on tokens that stakeholders had already received. This feature automatically adjusted the on-chain vesting schedules, eliminating the need for manual calculations and ensuring accuracy.
- Time and Error Reduction: With automated adjustments, Magna significantly reduced the time and effort Biconomy spent on managing vesting schedules. The platform’s ability to handle existing token data minimized the risk of calculation errors, ensuring that each stakeholder’s vesting period was accurate and aligned with previously received tokens.
Impact:
- Operational Efficiency: By automating the vesting process, Biconomy significantly reduced time and resource expenditure, minimizing potential errors. This streamlined approach allowed the company to focus on core business activities while maintaining a more efficient and scalable token vesting management system.
- Enhanced Accuracy: Magna’s automated adjustments ensured that each stakeholder’s vesting schedule reflected the correct amounts already received, enhancing transparency and accuracy.
- Increased Stakeholder Confidence: The seamless transition and reliable management of vesting schedules improved stakeholder confidence, demonstrating Biconomy’s commitment to operational excellence and accurate token management.
Conclusion
Biconomy's seamless transition to Magna is a testament to the platform's flexibility and automation capabilities in managing intricate token vesting processes. With the 'Received Off Magna' feature, Biconomy was able to automate complex calculations, save significant time, and ensure stakeholders were accurately served. Magna’s powerful solution highlights the essential role of streamlined, automated tools in Web3 token management, positioning it as a critical infrastructure provider for projects with complex token dynamics. This case sets a standard for how token vesting should be managed in the rapidly evolving Web3 space.
Transitioning from our previous token vesting provider seemed like a herculean task at the beginning since we had multiple schedules with different vesting periods. Before onboarding with Magna we spent weeks doing manual calculations and aligning different schedules, only to realise Magna has this automated. The onboarding was nearly seamless with the team being very responsive, proactive and vigilant. Once we went live, the support continued to iron out teething issues and ensure the seamless experience is passed on to our stakeholders.
Arshita Khetan, Head of Finance at Biconomy
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