Case Study
How Entendre helped Exponential.fi simplify DeFi accounting
15K+
Transaction Volume
50
Wallets Supported
40
Days Time Saved
Intro
Exponential.fi: An investment platform to help discover, assess, and invest in decentralized finance (DeFi) yield opportunities. Exponential was looking for an automated accounting solution that offered the flexibility to ledger all of their complex DeFi activity, and be able to build a Web3 chart of accounts and integrate seamlessly with a fiat ledger platform.
Challenges
Exponential provides access to pools from numerous protocols and chains. Finding an accounting system that can efficiently integrate thousands of assets, chains, pool tokens, and protocols, all while offering automated accounting, proved challenging. Initially relying on an in-house, intricate web of spreadsheets for accounting, Exponential faced escalating complexity as they integrated more assets, protocols, chains, and pool tokens every day. Also, the most advanced accounting systems available for crypto did not cover newly minted pool tokens.
Solution
In their search for a solution, Exponential prioritized platform flexibility, seamless integration, and a platform suitable for institutional use. Entendre offered a flexible platform where Exponential could build systematic rules that automed their most complex transactions, such as internal transfers between wallets with accurate cost basis calculations for tokens. Additionally, Entendre's pricing engine automatically calculated LP token prices for assets with low liquidity, providing precise and up-to-date pricing information. The platform enhanced visibility into the balance sheet, offering comprehensive views of all asset and liability accounts.
The integration of AI facilitated easy account setup, implementation, and real-time analytics reports, saving time for Exponential. Furthermore, Entendre automated various financial processes, including expenses for gas fees, contract deployers, testing expenses, and swaps across 20 different Dexes, revealing insights into slippage, exchange fees, and gain/losses.
Results
The results following the implementation of Entendre were remarkable. Exponential achieved significant time savings, totaling 40 days annually, resulting in at least $20,000 in savings. The team successfully outsourced accounting tasks, leveraging Entendre's AI capabilities to automate complex transactions and obtain detailed reports effortlessly.
15K
Transaction Volume
50+
Wallets Supported
40
Days Time Savings
Testimonial
"The Entendre team did a phenomenal job managing the complexity of our DeFi use case. Bringing simplicity to DeFi is our mission, and we look for the same commitment from our partners. The customer approach & support dedication was fantastic. Our partnership led to a lot of learnings together throughout implementation & beyond."
-Mehdi, Co-founder at Exponential.fi
Conclusion
Entendre proved to be the ideal solution for Exponential, addressing their challenges and providing a holistic view of their business. Entendre facilitated a smooth onboarding process, enabling Exponential to handle digital assets efficiently and achieve their goal of digital asset accounting for the entire year of 2023. With ongoing customer support and a clean, efficient system, Exponential can now run their business more effectively, thanks to Entendre.
