Cryptact has added support for the Avalanche and Fantom chains to our existing DeFi (decentralized finance) aggregation and transaction identification functionality. As the crypto-asset ecosystem grows, the need for DeFi related services will only continue to grow and cryptact will continue to bolster our feature set in this area.
The current support blockchains in our Defi functionality are as follows:
- Binance Smart Chain
- Ethereum
- Polygon
- Avalanche (New!)
- Fantom (New!)
[DeFi Market Growth]
The DeFi market has been growing rapidly, reaching approximately US$100bn at the end of 2021, according to a report by the Japan Research Institute (株式会社日本総合研究所「DeFi（分散型金融）の拡大と指摘される金融リスク」). Cryptact's DeFi functionality is a one-stop service that aggregates DeFi transactions, automatically identifies and organizes transaction details, and calculates profit and loss. With the addition of Avalanche and Fantom, which have been requested by many of our existing users, we continue to improve our ability to provide key insights into our user's participation within the DeFi ecosystem.
Going forward, we will continue to expand our service capabilities including adding more chains and automatically identifying more smart contracts and services.
[About Avalanche]
Avalanche is an open source platform featuring high-speed, low-cost processing and scalability. It has $1.6 billion in assets under custody (*1) and the market capitalization of its native token, Avalanche (AVAX), is $4.7 billion (*2).
Official website: https://www.avax.network/
[About Fantom]
Fantom is an open source platform featuring high speed processing, high security, scalability, and compatibility with Ethereum. With $400 million in assets under custody (*1), the market capitalization of its native token, Fantom (FTM), is $520 million (*2).
Official website: https://fantom.foundation/
(*1) Data on DefiLlama as of October 11, 2022
(*2) Data on CoinMarketCap as of October 11, 2022