Cryptotax Import for Ethereum-based DeFi applications
Our Cryptotax import gets an upgrade
The new Ethereum Blockchain Import was developed by our KYT team (Know Your Transactions) and, in contrast to conventional DeFi import solutions that run via Etherscan and the like, is based on a specially developed in-house solution. We operate our own archive nodes, structure the data of the Ethereum blockchain (and others), store it in our databases and analyse the DeFi interactions with the help of precise algorithms.
This considerable effort to index the entire Ethereum blockchain is an essential component of our KYT application. The advantages that result from this are now also available to our Cryptotax users thanks to the new upgrade.
What can the new Ethereum DeFi import do?
As of 09.08.2021 17:00 CET, the existing Ethereum (ERC20) based import logic has been fundamentally revised, whereby Trades/Swaps for the following protocols are now also imported into your wallet-depot via your ERC20 public key:
- Uniswap V1, V2, V3
- 1inch V1, V2, V3
- Uniswap V2 clones (LinkSwap, Xvix, CroDefi, SakeSwap, ChickenSwap, DxDao, ShibaSwap, …)
Please note that Liquidity Providing is not yet included!
In addition, thefollowing Lending applications are now fully supported:
- Compound.finance (Full Support)
- Cream.finance (Full Support)
Furthermore, other ERC20 & DeFi transactions are now recognised in an optimised form as open deposits and withdrawals in Cryptotax and can be manually extended if necessary for the time being according to the following instructions.
What other Ethereum DeFi import upgrades are planned?
To complete our new import solution, it will soon also be possible to read Liquidity Providing transactions from Uniswap, Sushi Swap and other DeFi applications. In addition, it will be possible in future to import transactions from the equally popular field of NFTs (Non-Fungible Tokens) and to map them correctly for tax purposes via Cryptotax.
All further information about the new import solution and the correct categorisation of your ERC20 public key can be found in this helpcenter entry.
Disclaimer: The information provided in this blog post is for general information purposes only. The information was completed to the best of our knowledge and does not claim either correctness or accuracy. For detailed information on crypto regulations, we recommend contacting a certified legal advisor in the respective country. If any questions occur, feel free to contact us on our social media channels.
Originally published at https://blog.blockpit.io on August 2, 2021.