Sending crypto payments to multiple parties is time consuming and gas intensive. Imagine paying 50 employees in USDC. You will need to send each individual payment using a non-custodial wallet (like MetaMask), paying gas fees for each transaction, and going through the time consuming and tedious process of entering individual wallet addresses.
That’s why we created Mass Pay: a solution to pay up to 500 individual Ethereum or Bitcoin addresses in a single transaction. The most common users of Mass Pay include companies paying employees in stablecoins, CFOs giving their team quarterly or yearly bonuses in crypto, NFT projects paying out their partners in ETH, or DAOs sending mass payments to contributors.
To use Mass Pay, you must have a non-custodial wallet installed with Gilded, such as Metamask, Ledger, or Coinbase. We support a number of tokens: Ethereum and ERC-20 tokens (USDC, USDT, DAI, and more). If we don’t support your particular ERC-20 token (i.e. native DAO governance tokens), let us know and we can see if we can add it. For information on conducting Mass Pay using BTC, click here.
Keep reading to get more helpful information at Best Practices for Mass Pay and how to utilize the user-friendly software. Additionally, you can follow this link for an interactive walkthrough of Mass Pay.
Best Practices for Mass Pay
Mass Pay allows you to pay up to 500 people in a single transaction with an average reduction in gas fees of 40%-60%.
Each Mass Pay allows you to choose one digital asset for payment
The “Deduct processing fees from payments” box allows you to take the Gilded fee (0.5% - 50 basis points) from each payee (checked) instead of the entire transaction value (default).
When provided with an ENS domain, visit etherscan.io to retrieve the corresponding wallet address to add to your CSV file. Check back with us often for ENS support and updates.
Before executing the transaction, make sure to verify that the CSV file and transaction preview page have matching information.
Pro Tip: The total amount is reflected in the contract Approval step
Use the currency field when paying with ETH or another cryptocurrency that is not a stablecoin.
Add the number of tokens you wish to send, or add a currency to pay an amount in fiat of the token you’ll select in the next step.
How to send a Mass Pay with Gilded
Log into https://app.gilded.finance/
At the top of the page select Payments > Mass Pay.
Click the “New Mass Pay” button.
Connect your MetaMask wallet or any non-custodial wallet that we provide (see list below). Reminder: Gilded does not have access to any of your assets.
Once the wallet is connected, click “Download CSV Template” to download the template and then enter the correct payee information. Please complete each of the fields as follows:
Wallet Address: Enter each payee’s ETH Address (beginning with 0x). Double check to make sure each address is correct.
Name: Enter the payee’s name.
Email Address: Enter the payee’s email address so they receive an email confirming their payment has been received.
Amount: Enter the amount of currency this payee will receive.
Type of Currency: Enter the cryptocurrency they will be receiving (i.e. ETH, USDC, DAI, etc.). It’s important to note that this is the cryptocurrency, not the base currency like USD or CAD. For each Mass Pay, you can only do one type of currency at once.
After you have entered the wallet addresses, names, email addresses, descriptions, amounts, and type of currency, then save and download the file as a CSV.
After updating the CSV file with your payee details, upload it using the orange upload box. Select the asset you want to use for the Mass Pay contract.
Reminder: Gilded only accepts Ethereum (ETH) & ERC-20 tokens for Mass Pay.
Once you have selected your payment asset, click the yellow “Proceed” button.
On the preview page, verify each wallet address and the amount for each payment.
When you have completed the check, click the yellow “Approve Payment” button
For ERC-20 Tokens, this will not automatically send the Mass Pay; you must first approve the action in your MetaMask wallet.
Click on the “Approve” button in yellow, verifying the amount and type of currency.
The last two steps (a, b) are skipped for ETH.
Approving the payment will enable Gilded to transfer the designated amount from your wallet. This does not yet submit the payment. Gilded does not have access to your assets.
After completing the transaction approval step, click the yellow “Pay Now” button in the top, right hand corner of the screen.
You will be prompted to sign and authorize the transaction using your non-custodial wallet.
Finally, after approval of the transaction, you will be directed to the next screen indicating that your Mass Pay was successful. Both parties will receive email notifications as well.
For a step by step interactive walkthrough of Mass Pay, follow this link.
Got a question? Contact our friendly Customer Success team via the in-app chat at the bottom-right of your screen, or email [email protected]