This article explains about DeFi tokens in DeFi transactions.
Contents
1．What is a DeFi token?
When the system detects a coin in DeFi which is not supported in cryptact, it treats it as a DeFi token. You can check if a coin is supported or not from here. If a coin is not supported, searching for the coin name will not display anything.
2．Why show them as DeFi tokens?
In principle, a transaction in a coin which is not supported by cryptact is processed as an Invalid transaction. To resolve this, you would need to manually upload the transaction history by creating a Custom Coin for the unsupported coin.
However, in DeFi, a huge variety of tokens and coins are derived every day, many of which are unsupported by cryptact. If you have to create Custom Coins for each, it would take a lot of time and effort. cryptact treats them as DeFi tokens to eliminate this task and auto-processes these DeFi transactions. However, cryptact is still missing prices for these DeFi tokens.
3．How to check DeFi tokens in your trade history
▼In the DeFi transaction tab: Use the filter function "Identified" -> "Auto" to narrow down the transaction history.
▼In the transaction tab: Use the filter function "Status" -> "Warning" -> "DeFi token transaction" -> "Apply".
4．How to check DeFi token symbols
4-1．How to check via the screen
Place your cursor over the coin and the symbol will get displayed as below.
You can copy the symbol by clicking the copy icon on the right.
4-2．How to check via the downloaded file
How to generate tax reports and calculation result files
5．How to upload trades using DeFi tokens
There are two ways to upload transactions using DeFi tokens:
5-1．How to upload trades using DeFi tokens with a custom file
Enter the DeFi token symbol confirmed in step ④ in the “Base” field of the Custom File, then upload the file. This will ensure the transaction is recorded as a DeFi token in the ledger.
Custom File for Any Other Trades
Note: Always enter the DeFi token in the “Base”. If you enter it in the “Counter” or “Fee Currency”, the upload will fail because the price cannot be retrieved.
5-2．How to upload trades using DeFi tokens from the screen one by one
Refer to the help page below and enter the transaction details according to the content, then click “Save.”
How to manually add transaction history
When doing so, check the box for “Use a custom coin/ DeFi token” and select “DeFi Token.” Then, in the Base, enter the DeFi token symbol confirmed in step ④ after “USER-.”
*You can freely enter up to 120 characters using half-width numbers, uppercase letters, and the “#” symbol.
6．How to fix invalid transactions in DeFi tokens
How to fix invalid transactions caused by "Price lookup unavailable"
▼In the below example, "WEB3" is automatically "Identified" and processed as a DeFi token, however, the transaction is invalid due to price lookup unavailable.