Streamlined Sky Finance accounting with Bitwave

Previously Maker, issuer of DAI stablecoin and lending protocol.

Why connect Sky Finance to Bitwave ?

Protocol positions tracked in Bitwave

For Sky Finance activity, your team sets up a DeFi position record in Bitwave from your wallet address and the protocol contract address, giving the position its own place in balances and reporting.

Deposits categorized as transfers, not sales

Categorizing an outflow to the protocol using Bitwave's DeFi categorization creates the matching inflow to the DeFi position record, so the movement is recorded as a transfer rather than a disposal.

Returns identified when positions close

When assets come back from the protocol, the same categorization records the outflow from the DeFi position record, and the difference between what went in and what came out can be categorized to revenue.

How it works

Bitwave connects to the Ethereum wallets that interact with Sky Finance. After the wallet is added, its transactions sync into Bitwave, and your team sets up a DeFi position record for Sky Finance from your wallet address and the protocol contract address.

Movements into and out of the protocol are then categorized using Bitwave's DeFi categorization, which keeps the assets in your portfolio balance while they are deployed.

The workflow:

Add the Ethereum wallet that uses Sky Finance.
Set up a DeFi position record in Bitwave for Sky Finance.
Categorize deposits and withdrawals using Bitwave's DeFi categorization, individually or through rules.
Review the position in the balance report and categorize the net return to revenue when the position is closed.

Illustration of two laptops connected by digital payment lines.

Key Benefits

What makes the Bitwave integration with Sky Finance special ?

Depositing collateral or stablecoins into a protocol like Sky Finance should not be booked as a sale, but without protocol-aware handling that is exactly how raw transaction history reads. Bitwave's DeFi position workflow keeps deployed assets in the portfolio balance and records the movement as a transfer.

For the finance team, that preserves cost basis through the life of the position, shows the deployed assets in period-end balances, and provides a consistent way to identify the return when assets come back, so Sky Finance activity is accounted for with the same discipline as the rest of the portfolio.

More Enterprise-Grade Integrations

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ERPs

Sync data in real-time and eliminate manual errors. Bitwave seamlessly integrates with your existing back-office software for easier reporting.

View All ERPs

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.

Custodial Wallets

Bitwave currently supports Fireblocks, NYDIG, BitGo, and Anchorage custodial wallets. We are constantly adding support for new Custodial Wallets.

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.

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.

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.

Bring Sky Finance activity into your financial operations.

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