Skytale’s goal is simple. Take the fragmented, high-friction crypto accounting experience that companies in crypto have to deal with and make it simpler. Skytale has done this by creating an all-in-one crypto accounting & treasury management tool. Using Skytale, web3 companies are able to focus on their products, instead of spending hours doing crypto accounting and treasury management.
The cryptocurrency landscape
To better appreciate Skytale’s unique value proposition, it’s important to understand the current cryptocurrency landscape. According to Coingecko, as of November 2022, the Global Crypto Marketcap is over $870b. Of that $870b, over $42b is attributable to a subsector of the crypto ecosystem known as Decentralised Finance (DeFi). DeFi refers to a swath of novel financial primitives that are characterized by their use of smart contracts and lack of financial intermediaries.
As DeFi protocols become more common, and their total value locked (TVL) grows, founders and core team members find that their protocol’s financials quickly become opaque and unmanageable. In part, this is due to a lack of financial best practices & tooling in the space. As well as the complexities around crypto inflows & outflows add to this problem.
Many protocol founders resort to excel & spend hours slogging away to manually track each and every inflow & outflow from their multiple treasury wallets, using the block explorer (A software for visualizing blocks, transactions, and blockchain network metrics) to understand what transactions were for. Or alternatively (and much more commonly so it seems) founders give up and decide simply to ignore their protocol’s financials in the hopes that if they bury their heads in the sand, the problem will cease to exist.
As a former DeFi protocol founder, Skytale’s newest hire Harry knows the struggle of overseeing protocol financials all too well.
“When my co-founder and I started building our protocol neither of us had particularly strong CFO or accounting skills. After successfully bootstrapping our protocol & hiring our first 10 employees, I quickly realised that we’d done very little in the way of financial planning and set to work understanding our capex, opex & other outflows as well as our various inflows & overall financial health.
I was suddenly struck by how manual and high-friction the whole process was. My protocol had 6 treasury wallets containing multiple tokens with fluctuating fiat values, all with different functions. On top of that, since the wallets were on different chains it was impossible to see an aggregate value without manually tracking each token in each wallet via excel.
To make matters worse, since the majority of outflows & inflows occurred in tokens, the lack of historical fiat value meant I had to go through each transaction and work out the price in USD at the time it was sent to understand what the transactions were.
Assuming that other founders had ran into the same sorts of problems, I reached out with the expectation that someone would have a solution for me. Turns out everyone was either doing it manually or not doing it at all.
Having a tool like Skytale to help me automate these processes back then would have saved me a hell of a lot of hassle!”
Skytale’s dashboard is perfect for crypto businesses & DAO’s that are looking to get better control and transparency over their finances. Empowering them to easily track all of their crypto inflows & outflows across multiple chains & wallets, create reports to better understand their finances, drill down into specific transactions with tags, notes & invoices & manage bookkeeping effortlessly. Skytale makes crypto treasury management simple!
If you’re looking to simplify your crypto accounting processes, get a better handle on your protocols financial health or simply want a unified view of your transactions, we’d love to hear from you!
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