Montreal, Canada – September 12, 2023

Mathieu Baril, the co-founder and CEO of Octav, has identified a missing element in the DeFi community. He stated, “There hasn’t been a systematic way for the DeFi community to easily understand and access their transaction data from block explorers. So, it became clear to us that data labeling is lacking in DeFi.”

Octav, founded by Mathieu Baril and Luc Blackburn, who previously worked at companies like Zapper, Accedian Network, and Otodata, has attracted a number of notable investors including Nascent, Polymorphic Capital, Parallel Studio, Spaceship DAO, Investmeows, Possible Ventures, Speedinvest, ACET Capital, Paul Desmarais (CEO of Sagard Holdings), and Mark Zeller from AAVE.

Baril explained, “We are developing a platform that deciphers all DeFi transactions. Currently, there are many companies building DeFi dashboards, but none of them are going deep enough to provide users with all the data in a user-friendly manner. We believe the right company needs to have a comprehensive database of all DeFi transactions, rather than just a partial one. Many DeFi tools like Etherscan and Dune Analytics provide raw data, which is useful for those with technical knowledge, but not for most DeFi enthusiasts.”

Baril further elaborated, “Etherscan only provides the contract address and the transaction function directly from the smart contract code, without offering the ability to understand the specific transaction and the protocol involved. This indicates that the entire ecosystem of tools is flawed, and DeFi enthusiasts are struggling with a lack of understanding and guidance. This is the current situation, and we aim to address this issue over time.”

Octav’s DeFi labeling and tax reconciliation platform comprises a DeFi labeling database, portfolio dashboard, and data analytics features such as cost basis, profit and loss calculations, and fees paid.

Furthermore, the platform allows any user to contribute to the machine learning algorithm named ‘The Brain’ by labeling unknown transactions that are not yet included in the database. Once the user contributions are verified by the algorithm, the update is automatically shared with all Octav users who have interacted with the same smart contract.

Baril revealed, “Octav is currently in beta with thousands of users, integrated with seven chains, and has indexed over 100 million transactions to date. While our initial customers are DeFi power users, our client base extends to anyone who has ever interacted with a DeFi protocol.”

Luc Blackburn added, “The funding will be utilized to integrate more chains and cover the entire DeFi ecosystem. As new chains and protocols are launched regularly, we need to stay ahead to capture the latest protocols that the DeFi community engages with. Both Mathieu and I have previous experience working at startups, so we understand the importance of achieving ambitious goals with a lean team.”

In the long run, the co-founders plan to focus on integrating Octav’s database with existing crypto tax platforms. This integration would assist users in reconciling all their transactions before preparing their taxes.

Baril concluded, “Our goals are twofold. Firstly, we aim to expand our business beyond the small, close-knit community of DeFi power users. Concurrently, we have a significant number of accountants waiting to use our platform for transaction reconciliation in tax preparation for their clients. We believe this is where our breakthrough will occur.”

About Octav:
Octav is a free and customizable data analytics platform that simplifies DeFi investment activity. Its user-curated database is designed to assist traders, tax professionals, and liquid asset management firms by providing a pre-tax facilitator for cost basis, profit and loss calculations, and more.

For more information, visit the following links:
Website | Medium | X | Discord | Official Docs

Contact:
Stephen Edvi, Marketing Manager at Octav

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