Undoubtedly the biggest storyline this tax season was how crypto holders would pay their taxes if accountants, lawyers and even the IRS had trouble accounting for it. xDai, a truly decentralized stable payments blockchain, is now offering such a service through a partnership with CryptoTaxCalculator.
With traditional finance, there are many services that provide automatic tax filing. The filer simply attaches his or her trading account platform number and then it’s on to the next question.
With xDai’s implementation of CryptoTaxCalculator, the crypto space gets its own simple filing system. The process is as simple as attaching an xDai wallet address which will sync the user’s trading data and generate a comprehensive report that categorizes all transactions. Once completed, the user is charged based on the usage and needs.
xDai Is A Massive One-Stop Shop
The xDai CryptoTaxCalculator service only works with an xDai Wallet, so other wallet transactions will have to be manually entered. But that isn’t necessarily a problem since crypto users have the opportunity to be completely xDai native thanks to the sheer volume of projects, dApps and use cases it offers.
xDai is partnered with Gnosis which means all Gnosis applications deployed are compatible on the xDai platform, unlocking all swapping through a multi-sig wallet. With partnerships like Chainlink providing oracle services and bridges with some of the most reputable projects in the crypto space, users have the following dApps and protocols at their disposal:
- Perpetual Protocol: the ability to trade PERP contracts, with staking PERP tokens on the way.
- HoneySwap: the Uniswap V2 clone on xDai.
- Component Finance: unlocks stable coin swaps and liquidity farming.
- Orchid VPN: a pay-as-you-go VPN service integrated with xDai.
- DAOHaus: cheap DAO governance, proposal and voting directly on xDai chain.
- Nifty.Ink: create your own NFT and mint onto Ethereum blockchain for miniscule prices.
- Decentralized gaming: Galleass.io and Dark Forest are hosted on xDai, allowing users to play immersive stories or Flash games and earn magic beans that can be seamlessly traded for fiat.
Go and check out the rest of the bridges and platforms that xDai offers.
Making Crypto Cheaper and Easier
Crypto trading or farming on xDai can be undertaken without spending a cent, after bridging funds on and off the xDai network of course. xDai’s faster blocks enable rapid trades that cost fractions of a cent.
Most recently xDai has integrated Ethereum’s Berlin hardfork, a testament to the chain’s swiftness and transparency in how they run nodes. Currently, xDai is working on establishing a $2 million dollar reward for critical bug discoveries and improving their STAKE governance process.
As xDai scales, it will grow to incorporate a swathe of defi and crypto capabilities delivered on-chain as well as being able to handle crypto taxes courtesy of CryptoTaxCalculator.
