What is a DeFi token?

This article explains about DeFi tokens in DeFi transactions.


1. What is a DeFi token?

The system references the smart contracts associated with DeFi and determines the underlying coins.

When the system detects a coin in DeFi which is not supported in Cryptact or the coin is supported but Cryptact is missing the price for it, it treats it as a DeFi token and auto-processes the DeFi transaction as "Identified".

▼For your reference: the DeFi Transactions tab


However, because no prices are available for DeFi tokens, even though they are "Identified" in the DeFi Transactions tab, they are "Invalid" in the Transactions tab and are excluded from the PNL calculation.

▼For your reference: the Transactions tab



When you click the relevant transaction, the following message appears.



You can check if a coin is supported or not from here.

If a coin is not supported, searching for the coin name will display "●● is not currently supported" as below.



2. How to fix invalid transactions

Correcting invalid transactions: DeFi – support@cryptact


STEP 1. Get the symbol for the DeFi token

①From the Ledger screen, click the Download icon to the left of "Add transactions".



② You will receive an email with a download link to the registered email address. Download the file from the link.

③ Open the file "tax-cryptact-ledger".

④ Search for the DeFi transactions to get the DeFi token symbols. They are quite long, so please copy&paste them to your custom file.



STEP2. Copy&paste the DeFi token symbols to a custom file as the Base currency (Base) and upload the custom file. For more details on how to upload a custom file, please refer to the below.

Custom File for any other trades

PNL Calculation for DeFi transactions and how to upload them using custom files

Or alternatively…

STEP2. Add them from the screen manually. For more details, please refer to the below.

How to add/edit/delete transactions manually from the screen


STEP3. Update the original transactions to "Fee Only" in the DeFi transactions tab to exclude them.