Automated yield optimization protocol for DeFi lending pools.
Idle tokens valued at underlying
Bitwave recognizes Idle yield tokens in a synced Ethereum wallet and uses the token price reported by Idle to express the position in terms of the asset originally deposited.
Deposits treated as position changes
Depositing into or redeeming from Idle can be categorized in Bitwave as a vault deposit or withdrawal, so cost basis carries through the position instead of being realized on entry.
Yield identified when redeemed
With the position carried at the underlying asset, the amount received on redemption above the amount deposited can be identified and categorized as income when the Idle position is closed.
How it works
Bitwave connects to the Ethereum wallets that hold Idle positions. After a wallet is added, Bitwave syncs its transactions and recognizes Idle yield tokens, reading the token price from Idle to relate the tokens held to the underlying asset.
Your team categorizes deposits and redemptions as vault positions and reviews the positions in reporting.
The workflow:
- Add the Ethereum wallet that deposits into Idle.
- Bitwave syncs the wallet's history and identifies Idle yield tokens.
- Categorize deposits and redemptions as vault movements, individually or through rules.
- Review Idle positions in the balance report and categorize yield realized on redemption.
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Idle allocates deposits across lending venues and reflects the yield in the value of its token rather than in the token count. For accounting, that means a flat balance hides a growing position. Bitwave reads Idle's token price so the position is carried at the value of the underlying asset.
The finance team can treat deposits and redemptions as changes in form rather than sales, see the position at underlying value in the balance report, and book the yield to income when redeemed, producing a clear record of what was earned on Idle positions each period.
Complete. Transparent. Secure.
ERPs
Sync data in real-time and eliminate manual errors. Bitwave seamlessly integrates with your existing back-office software for easier reporting.
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Blockchains
Bitwave supports tokens on the Bitcoin, Ethereum (All ERC-20 tokens + Layer 2), Solana, NEAR, and more. We are constantly adding support for new Blockchains.
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Custodial Wallets
Bitwave currently supports Fireblocks, NYDIG, BitGo, and Anchorage custodial wallets. We are constantly adding support for new Custodial Wallets.
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DeFi Protocols
This is just a sample of the DeFi protocols we support. Click below for the full offering of DeFi integrations currently in place, with more being added each day.
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Exchanges
This is just a sample of the key Exchanges we support. Click below for the larger offering of Exchanges supported, with more being constantly added.
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Multi-Signature Wallets
Bitwave supports a variety of multi-signature wallets, such as Gnosis Safe, Zebec, and Electrum. We are constantly adding support for new Multi-Signature Wallets.
