Asset sweeping

What is Asset Sweeping?

Asset Sweeping is an automated workflow that regularly moves assets from designated wallet accounts to a centralized treasury wallet.

This workflow streamlines treasury management operations by eliminating the need for manual transfers, saving you time and reducing the risk of human error. Asset Sweeping therefore makes it easier to consolidate your funds for improved treasury management, liquidity provision, or other business purposes.

For example, this feature may be useful for customers operating exchanges that receive crypto deposits from hundreds of customers daily, each into separate wallet addresses. Asset Sweeping would enable these crypto assets to be automatically transferred from all the individual wallets to a central treasury wallet every hour or day.

Please note that this is an on-chain operation and involves transaction fees.

Set up Asset Sweeping

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Only owners and administrators can configure sweeping operations.

Navigate to ‘Workflows’ in Settings
Click ‘Create Sweep’
Enter a name for the sweep
Enter a description for the sweep
This should make the sweep easily identifiable.
Select the blockchain of the assets you want to sweep
There is a maximum of one sweep configuration per blockchain.
Select the asset you want to sweep
Specify the minimum amount of the asset that will trigger a sweep
Select a wallet from another vault to deposit the swept assets into (the deposit or destination wallet)
Select a native asset wallet from another vault to pay the transaction fees (the fees wallet)
Select the frequency of the sweep - hourly or daily (the default option is daily)
Click ‘Create’
Navigate to the Settings of the wallets you want to sweep and enable Outgoing Transactions and Sweeping
A wallet does not need any policies in place in order to be swept.

Sweeping settings

Once sweeping operations have been created, they will be listed in a table.

Users can access each operation’s settings by clicking the three dots in the ‘actions’ column of the table.

Here, you can:

View sweep details
Delete the sweep configuration
Enable or disable the sweep
Manually trigger a sweep operation

Best Practices

Optimize Gas Costs: Set appropriate minimum sweep amounts depending on your business needs to avoid unnecessary transactions with minimal value
Regular Monitoring: Review your sweeping operations periodically to ensure they align with your treasury management strategy
Proper Fee Management: Ensure your fee wallet always maintains sufficient balance to cover transaction costs