Case Study
Revolutionizing DeFi Accounting for Premia Finance
8 Days
Month-end Time Reduction
~$125K
Yearly Cost Savings
~1500+
Monthly Transaction Volume
Intro
Premia Finance: A non-custodial options settlement engine and automated market maker (AMM) implemented for the Ethereum Virtual Machine (EVM). Premia sought a scalable, automated accounting solution to further improve organization of their on-chain activity.
Challenges
Despite successes as a leading options trading platform on Arbitrum, Premia was still committing nontrivial bandwidth to manual record keeping. The team felt this time would have been better spent furthering the protocol’s core product offerings. Crypto accounting is seldom straightforward, and a proper accounting system can save hundreds of labor hours.
Premia's transactions were highly diverse, encompassing swaps, deposits, lending, minting, bridging across various blockchains, and internal transfers. Properly pinpointing all these accounting nuances would have been an arduous task, requiring considerable internal resources.
Solution
Entendre stepped in with its state-of-the-art ledger posting engine, designed for all scenarios ranging from simple to complex. It enabled Premia to automate realized gain/loss computations across multiple decentralized venues, covering 100% of transactions for all wallets. Entendre's automated balance sheet and income statement reports generated comprehensive data, ensuring that every transaction's double-entry accounting journals were meticulously recorded.
Results
The transformation was nothing short of spectacular:
~$125K
Yearly Cost Savings
~1500+
Monthly Transactions Automated
8 Days
Month-end Time Reduction
Testimonial
“The Entendre team was incredibly responsive and always willing to go above and beyond. I was always pleasantly surprised to receive an email in short order walking me through how the system scaled and supported our use-cases. I didn’t think there would be a straightforward way to replicate standardized financial statements for complex on-chain transactions, however Entendre has made the process possible with their out of the box financial statements and AI analytics.” - Premia’s Head of Finance
Conclusion
Premia's journey from a complex list of intricate transactions to having streamlined, audit-ready financials underscores Entendre's unparalleled expertise in the Web3 accounting space. For those seeking meticulous, automated, and trustworthy accounting solutions, Entendre remains the gold standard.
