Should the following $10,000 grant in the Platform category be approved?
Cartera is a crypto accounting tool that provides a streamlined, accurate solution to maintain tax compliance. Our tool is the first to automate the analysis of transaction data as an indicator of tax treatment in order to maintain total coverage of transactions on chains we support. Through our integration with Ethereum, we have achieved complete coverage of Ethereum protocols in our tax calculator in under 6 months of development time with a single developer, far exceeding the capabilities of any existing tax calculation platform. As Decentraland users are more and more often trading in different DeFi tokens (even within the Decentraland platform), we are passionate about giving your community peace of mind in their portfolio accounting
10,000 USD in MANA
We reduce barriers to adoption for retail and sophisticated users participating in DeFi by providing an intuitive user interface and accurate tax reporting. Demand for crypto tax software increased 33x from 2018 to 2022, indicating that tax filing may be one of the primary anxieties of new users and institutions jumping into DeFi. Integration with Cartera means no more manual tax calculation, no more egregious errors, and no more dedicated tax accounting departments for users in your ecosystem.
Our initial release will feature everything you need to get a comprehensive view of your portfolio and associated tax obligations, including capital gains and losses calculations, transaction history reporting, and data aggregation from both wallets and exchanges.
A key pillar of our platform is our commitment to user privacy and security. We understand that many DeFi users value their privacy and want to keep their financial information confidential. As such, we are designing our platform to comply with the highest industry standards for security and privacy. We will not store identifying user data in any centrally accessible fashion after rolling out Cartera.
We are applying for $10,000 in grant funding, to be used in two ways:
- $2,000 USD to compensate a developer who will run a light audit to ensure Cartera is properly integrated with PROTOCOL; this will ensure that any potential issues are captured upfront by our team
- $8,000 USD will be paid out to new customers of Cartera who made transactions on Decentraland. We’ll payout redemptions based on a simple off-chain confirmation method to ensure new customers must be users of Decentraland to receive the discount.
Our goal for the project is timely rollout of Cartera in preparation for the 2023 tax season and confirmation that our platform works seamlessly with all transaction types on Decentraland. A key part of our goal is also to facilitate onboarding of DeFi users onto Cartera in our covered regions (starting with the US).
We will measure success based on our ability to carry out the above, and so far have gotten great feedback from prospective users and comparative analyses alike in assessing accuracy of our tool against incumbents.
[DONE] Discord bot (May) - a discord bot that feeds back transaction summary data when sent a transaction ID; this transaction summary data is the basis of DeFi accounting and tax calculation
MVP (June) - MVP for reporting transaction summary data for a wallet’s end of year tx history
Protocol accuracy testing (July) - validating that MVP is 100% accurate on PROTOCOL
Analytics dashboard (September) - expanded portfolio analytics features incl. daily capital gains & losses
Final front-end (November) - usable Cartera app
Setup apply for a refund / discount code flow (Dec) - redemptions from customers who provide evidence that they use Decentraland. At this point we will make a public announcement to the community that Cartera is available and free for the first ~100 Decentraland users
Launch and marketing (Jan) - official launch of Cartera for tax season 2023