Support for Solana: First in Japan to Implement Profit and Loss Calculation Using an Automated Identification System of Solana Blockchain Transactions

We are pleased to announce that now cryptact supports Solana blockchain. With this update, we have introduced Japan's first*1 automated transaction identification and tax-related profit and loss calculation features for our service for Solana blockchain.

Solana saw explosive growth in 2024, with its TVL*2, surging from US$1.4B in January to US$9B in December*3. On this chain, users are engaging in various DeFi transactions such as cryptocurrency trading, lending, and borrowing.
This growth has driven increasing demand for profit and loss calculation solutions for Solana transactions.

In response to this market demand, we have successfully implemented the automated identification feature through wallet connection, along with  profit and loss calculation features for tax filing. These are available for the ongoing tax filing season.

Automated Profit & Loss Calculation for Various Transaction Types

Solana chain transactions are more complex and flexible than transactions on the widely used EVM (Ethereum Virtual Machine) chains. Therefore, we decided to perform analysis on the individual asset transfers caused by each instruction within a transaction individually.

With this method, compared to common approaches used by other crypto tax software services, which typically rely on the difference in asset balances at the start and end of a transaction, we have succeeded  in identifying  each transaction type more accurately. This method also allows for the automated identification features of complex transactions, such as those involving both swaps and staking within a single transaction, enabling users to efficiently calculate profits and losses.

For more details on how to use our DeFi features, please visit our help page.

*1 According to our survey.
*2 Total Value Locked (TVL) … The total amount of cryptocurrency locked in blockchain or DeFi applications.
*3 Data source: DeFiLlama, as of February 2025 https://defillama.com/chain/Solana
 

Contacts: pr@pafin.com