What Does TaxBit's DeFi Tool Do?

With the emergence of DeFi as the hip new way to exchange crypto 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’ve made on a DeFi platform involving ERC-20 tokens on the ETH network or BEP-20 tokens on the BSC network.

• Made a swap (Trade) of ETH to BAT on Uniswap? We can capture that!
• Transferred BNB from one BSC 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 it work?

Here's the magic behind our tool: 

Our tool takes your public wallet address > Searches Etherscan or BSCscan for any Transfers, Trades, or approvals that have been made from that address > Picks out the data 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 an ETH or BSC wallet to sync DeFi transactions?

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. You can follow along with our guide about connecting wallets to TaxBit, found HERE.

We're actively working on expanding DeFi support to other popular blockchains, and we’ll update our article regularly to let you know how we’re expanding our support. You can find the most recent version of that article HERE. 

If there are any blockchains you use that are not yet supported on TaxBit, you can upload your transactions using a CSV file export. 

Still have questions? Send us an email at support@taxbit.com or chat with us using our live chat feature, and we'd be happy to help!