With the emergence of DeFi as the hip new way to exchange crypto, but without the centralized exchange experience (DeFi = Decentralized Finance), TaxBit has recognized the need to support your DeFi activity.
What does TaxBit's tool do?
This initial version of our DeFi support (much more functionality to come!) will allow you to easily sync in any Transfers, Trades and approvals you made, on a DeFi platform, involving ERC-20 tokens on the ETH network.
- Made a swap (Trade) of ETH to BAT on Uniswap? We can capture that.
- Transferred DAI from one ETH wallet to another? We can capture that.
- Approved a new asset for swapping on a DeFi Protocol? We can capture that. (P.S. These will come in as Expense transactions)
How does TaxBit do what it does?
Here's the magic behind our tool (really, it's just cool technology, but we get excited about this stuff)
Our tool takes your public wallet address > Searches Etherscan.io for any Transfers, Trades, or approvals that have been made from that address > Picks out the data from Etherscan.io that we need to create a transaction in your account > And BOOM! Your Transfer, Trade, and approval transactions are automatically created and made visible within your My Transactions page.
How do I connect my ETH wallet to sync my DeFi?
We've made this part super simple! If you've connected any other Blockchain wallets to your TaxBit account in the past, the process will effectively be the same:
- Click "Add Transactions" > "Add Wallet"
- Select "ETH Wallet"
- Input a Label (whatever you'd like to call this wallet) > Input your full, public wallet address > Click "Link Wallet"
You're done! We will then automatically find and sync in any Trades, Transfers, or approvals that you made from your ETH wallet.
Syncing Wallet Balances
With our current DeFi beta tool, your ETH balances will be synced to your My Coins page. It doesn't currently sync balances for your ERC-20 tokens, though that's something we plan to implement in the near future!
***Although ERC-20 token balances do not sync, the information listed above about ERC-20 transactions syncing still applies. We will sync any Transfers, Trades and approvals you made, on a DeFi platform, involving ERC-20 tokens on the ETH network.***