Show HN: Awaken Tax – The first tax software built for Web3
awaken.tax
Last year, I paid thousands of dollars for several crypto tax products, only to spend days manually reviewing transactions to make sure they were labeled correctly. I tried CoinTracker, Koinly, ZenLedger, and TokenTax - none of them worked.
Those platforms would’ve been fine a few years ago, when all I did was buy and sell Bitcoin, Ethereum, and various tokens on exchanges. But now I’m doing blockchain transactions like staking NFTs, providing liquidity, bridging, lending, etc. that are way more complex, and those crypto tax products built 4–5 years ago can’t handle them. (It’s pretty wild, considering how much funding those companies have raised.)
Several of my friends went through similarly negative experiences, so we decided to build a better solution. It took us over 8 months of grinding and working with a bunch of crypto CPAs to develop an MVP.
Here’s how it works: We collaborate with numerous data providers (Alchemy, Nxyz, Helius, Hatchfi, Moralis, Covalent, Etherscan, SnowTrace, CoinGecko, and many more) to gather as much indexed blockchain data as possible. We stitch all the data together to gain insight into every transaction on each chain being used. When users add their accounts, we pipe their transactions through a tax engine that we built from the ground up on top of a double ledger. This allows us to reconcile the majority of transactions automatically. To streamline the process even further, we incorporated a rules engine that automatically labels transactions as you label them.
It's not perfect and we don’t support every single thing yet (we’re being thoughtful around which integrations we add, going deep in our support for each instead of adding everything and sucking at them), but having tried several big-name competitors we’re proud to say that Awaken is already the most accurate, fastest, and easiest-to-use crypto tax software available right now.
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Features:
- We support all the largest chains: Ethereum, Polygon, Avalanche, BNB Chain, Optimism, Arbitrum, and Solana.
- We integrate with all the major exchanges like Coinbase, Kraken, Binance, Gemini, and Kucoin and offer spreadsheet upload support for 100+ more (Bitfinex, Crypto.com, Gate.io, etc.).
- We’re the only DIY software I’ve tried that captures and identifies all of your token, NFT, and DeFi transactions and calculates the cost basis correctly for everything.
- Our smart software learns as you use it. When you label 1 transaction, 30+ others are often automatically labeled for you, saving you hours of time.
- Users can stay anonymous - only emails are required to sign up for the platform. We never ask users to connect their wallets or type in their private keys.
- We generate all of the crypto tax reports that U.S. citizens need for TurboTax, their CPA, or whatever tax software they’re using (Form 8949 and Form 1040) to file their personal taxes.
- Signing up, adding accounts, and viewing transactions and tax summaries is 100% free. Only pay when it's time to download your tax reports.
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Website: https://awaken.tax/
Twitter: https://twitter.com/AwakenTax