Venus Protocol tax declaration: how to automate your tax report

Blockpit partners with Venus Protocol.

Using Blockpit to track your crypto asset investments can help you save time and money. By automatically importing your data from Venus Protocol, Blockpit can quickly and accurately calculate a fully compliant tax report, giving you the information you need to make the best decisions for your portfolio.


How to import your Venus Protocol transaction data into Blockpit?

Venus (XVS) is a decentralized finance (DeFi) algorithmic money market protocol on BNB Smart Chain (BSC).

Blockpit uses highly sophisticated integrations to interpret your Venus Protocol transaction data and enable an import of multiple Venus Protocol products in a fully automated way. This guide will walk you through the first steps to integrate your Venus Protocol data into the Blockpit web app.

  1. Log in to Your Blockpit account
    Visit the Blockpit website and log into your Blockpit account. If you don't have an account yet, please sign up first.
  2. Select “Create New” 
    Once you have logged in, click on “Create New” followed by “Add Integration” in the navigation.
  3. Select “BNB Smart Chain (BSC)” from the list of wallets
    In the now visible integration creation dialogue, select BNB Smart Chain (BSC) from the list of wallets.
  4. Enter your “BNB Smart Chain (BSC)” public key
    Once you selected BNB Smart Chain (BSC), you will be prompted to enter your public key. You can find a detailed guide on public keys here:
    How to import data via BNB Smart Chain (BSC) public key?

  5. Wait for the data import to finish
    Depending on the data load, the automated import can take between several minutes and up to several hours. Meanwhile, you can check the following import scope description of our BNB Smart Chain (BSC) integration.


Which Venus Protocol transaction data will be imported automatically into Blockpit?

Blockpit categorizes your Venus Protocol transaction data by country-specific gains, losses and income types. These will then be calculated according to your national tax law.

Therefore, Blockpit will automatically import and sync all your transactions on your BNB Smart Chain (BSC) wallet, including the following activities on Venus Protocol:

  • Transactions:

check.png Supply an asset
Your supplies will be imported as "Trade" of the supplied assets against the corresponding Venus Token (vToken).

check.png Withdraw a supplied asset
Your withdrawals of the supply will be shown as a "Trade" of the vToken against the supplied asset. The inflow of the supplied asset will include any accrued interest.

check.png Enable collateral
This action results only in a fee being paid, which will be imported as “Spending”.

check.png Borrow an asset
When borrowing, you will see a "Deposit" of the borrowed asset.

check.png Repay borrowed asset
When repaying, you will see a "Withdrawal" of the borrowed asset. The withdrawn amount will include any incurred interest.

check.png Vault Staking
Claimed staking rewards will be imported as "Deposit".

check.png Swaps
Swaps between Crypto Assets will be imported as "Trade".

A more detailed description of our Venus Protocol import scope can be found here: How to import data via BNB Smart Chain (BSC) public key?


How to review your Venus Protocol transaction data in Blockpit?

Blockpit will automatically link and categorize your Venus Protocol transaction data. After all the data has been imported, the following features will provide transparency and help you with your data integrity check:

  • Detection of unlinked transfers
  • Detection of unclassified transactions
  • Detection of potential Issues
  • Asset and transaction filters
  • Custom rates 
  • Generic assets
  • Help Center guides

A more detailed description of the Blockpit review features can be found here: Troubleshooting


How to optimize your Venus Protocol taxes with Blockpits Tax Optimization Feature?

Depending on your tax residency, it is possible to realize profits and losses in order to optimize your taxes (offsetting of losses against gains & tax loss harvesting).
Blockpit's Tax Optimization Feature allows you to identify unrealized gains and losses as well as the holding period of your Venus Protocol assets.

A more detailed description of the Blockpit Tax Optimization Feature can be found here: How to identify and offset unrealized gains and losses?


Create your Venus Protocol tax report with Blockpit now!

Was this article helpful?