Cryptio launches free tax calculator for Uniswap users

DeFi and Uniswap enthusiasts, this one's for you – calculating profits, losses, and taxes on your Uniswap activities just got a whole lot easier.

Cryptio is excited to announce that The Uniswap Tax Tool is now live.

This work supported by a grant from The Uniswap Foundation represents a significant milestone in simplifying tax calculations for DeFi users and liquidity pool participants.

Over the past few months, since securing the Uniswap Foundation grant, Cryptio has been dedicated to achieving four primary objectives:

• Simplifying gain and loss calculations for DeFi
• Ensuring comprehensive on-chain data for tax compliance
• Enhancing tool usability for Uniswap users
• Creating one-click tax reports to support users’ tax return submission process

The DeFi taxation challenge and the significance of comprehensive on-chain data

DeFi taxation is challenging due to the complexity of the movements associated with each transaction. For example, supplying liquidity to a pool for example involves 2 assets leaving your wallet, and an NFT-based asset being received to represent your share of the pool. Navigating the web of DeFi transactions, liquidity pools, and yield farming can be a tax-reporting nightmare. You need an accurate, user-readable, and transparent tool to remain compliant. That's where The Uniswap Tax Tool by Cryptio comes in.

On-chain data completeness is crucial. Inadequate data can lead to inaccurate tax calculations and potential issues with tax authorities. For Uniswap users, this means the need for a tool that provides a comprehensive view of their activities and transactions.

Your solution: The Uniswap Tax Tool by Cryptio (it's free)

It's a free independent tax tool designed to help Uniswap liquidity providers effortlessly calculate their profit and loss (PnL) and tax obligations.

Here’s a full breakdown of what the tool offers:

1. Accurate on-chain transaction data: Using our proprietary indexers' on-chain data from all blockchain networks where Uniswap operates, including Ethereum, Polygon, Arbitrum, BNB Chain, and Optimism.
2. FIFO cost basis methodology: Provides a First-In-First-Out cost basis methodology to determine your tax liability with accuracy.
3. Wallet transaction-level data: Offers detailed transaction-level data, ensuring every crypto activity is accounted for (can be exported as a report).
4. Tax reports: Generate default tax reports and specifically tailored Uniswap LP tax reports, making tax calculations a breeze.
5. DeFi dashboard: Includes a dedicated DeFi dashboard to display open and closed Uniswap positions and related PnL data.

"The Uniswap Foundation is proud to have provided a grant to Cryptio to build a tool that supports LPs with tax reporting – a step towards making DeFi more accessible and user friendly for all." - Federico Landini, Grants Manager at the Uniswap Foundation

How to use The Uniswap Tax Tool by Cryptio in 4 simple steps

Step 1: Navigate to the Tax Tool

• Access the app at: https://uniswap-tax-tool.vercel.app/

Step 2: Connect your Wallet

• Scan the WalletConnect QR code or select the wallet you want to import

Step 3: Review your Transactions and LP Positions

• Go to the Dashboard to view all open and closed LP positions
• Review the Transactions for your wallet activities, including swaps, trades, and LP participation on Uniswap

Step 4: Generate a Tax Report

• Head to the Reports section and download the appropriate report to support your tax return submission

Benefits of The Uniswap Tax Tool by Cryptio

All Uniswap Protocol users can enjoy the following benefits:

• Efficiently calculate your gains and losses on your Uniswap activities
• Ensure tax compliance with the FIFO cost-basis methodology
• Simplify your reporting process with default and Uniswap LP tax reports
• Keep your DeFi portfolio organized with the dedicated module
• Enhance your transparency with on-chain data exposure

As a leader in on-chain data indexing, Cryptio is excited to create this free public tool so that users can transact on Uniswap without worrying about tax reporting. Available now, free forever.

Are you an enterprise looking for a GAAP/ IFRS grade accounting solution?

Cryptio is trusted by 400+ enterprises including Uniswap Labs, Worldcoin, Metamask, 1inch and Optimism Labs. If you’re a regulated enterprise, contact us here for a free consultation.