The Drips protocol for tokenized subscriptions and memberships is now live on Polygon!
Since its deployment on the Ethereum mainnet on Feb. 4, a number of prominent projects have already adopted the protocol including the teams behind Solidity, WalletConnect, Ethersjs, Gitcoin, Giveth, Snapshot, Gnosis Safe, and Gnosis Guild. With the launch on Polygon PoS, Drips can now leverage the network's low transaction fees, its eco-friendly consensus mechanism and a massive ecosystem of more than 7,000 decentralized apps (dApps).
While most payments within crypto networks today are one-time payments, an increasing number of use cases require a recurring approach. Drips is a Web3 protocol for generating recurring income, using non-fungible token (NFT) subscriptions and memberships.
At its simplest, Drips allows any Polygon user to stream funds periodically to any other user, while also enabling collecting from multiple streams with just a single transaction. DAOs offer a natural use case. The cumbersome and repetitive grant processes are clearly not designed for periodic payments, such as monthly remuneration for regular contributors or recurring infrastructure expenses.
Within Drips, creators and developers can offer memberships by issuing and selling NFTs, potentially giving fans unique benefits in exchange for recurring financial support.
These memberships are available to anyone and can enable benefits across any applications integrated on Polygon.
Finally, Drips makes redistribution a snap. Any address can spread the love every time it gets paid by specifying a percentage of the incoming funds to be automatically Dripped to other users. The recipient could be a charity, a software dependency, or another collective or creator that makes their work possible. Splitting funds through Drips can be a new cultural norm and a major building block for a sustainable creative economy.
Dive into Drips documentation to learn more about the protocol and follow them on Twitter. To keep up with the latest on Polygon developments, tune into our blog.
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