Mathieu Baril, the co-founder and CEO of Octav, recently addressed the issue of data labeling in the DeFi community. He noted that there is currently no systematic way for DeFi enthusiasts to decipher their transactions from block explorers and access all their data in one convenient dashboard. Baril emphasized the importance of data labeling in DeFi and stated that Octav aims to fill this gap.

Octav, led by Mathieu Baril and Luc Blackburn, consists of a team with previous experience at companies like Zapper, Accedian Network, and Otodata. The company has attracted several esteemed investors, including Nascent, Polymorphic Capital, Parallel Studio, Spaceship DAO, Investmeows, Possible Ventures, Speedinvest, ACET Capital, Paul Desmarais (CEO of Sagard Holdings), and Mark Zeller from AAVE.

According to Baril, Octav is building a platform that provides a comprehensive understanding of DeFi transactions. While many companies are developing DeFi dashboards, Baril believes that they are not delving deep enough to provide users with easily understandable data. He stresses the importance of having a complete and defined database of all DeFi transactions, as opposed to just a fraction of it.

Baril pointed out the limitations of existing DeFi native tools like Etherscan and Dune Analytics, which provide raw data that may be difficult for non-technical users to interpret. He argues that the current ecosystem of tools is flawed, leading to a lack of understanding and guidance for DeFi enthusiasts. Octav aims to address these issues by offering a labeling and tax reconciliation platform for DeFi.

Octav’s platform includes a DeFi labeling database, a portfolio dashboard, and data analytics features such as cost basis, profit and loss calculations, and fees paid. One unique aspect of Octav is its incorporation of a machine learning algorithm called “The Brain,” which users can contribute to by labeling unknown transactions. Once verified, these contributions are automatically updated for all Octav users who have interacted with the same smart contract.

Currently in beta, Octav already has thousands of users, supports seven integrated chains, and has indexed over 100 million transactions. While their initial customers are DeFi power users, Octav aims to serve anyone who has ever interacted with a DeFi protocol.

The recently secured capital will be used to integrate more chains and capture the entire DeFi ecosystem. Blackburn emphasizes the need to stay ahead of new chain launches and protocol releases to provide the latest insights and support to the DeFi community.

Looking ahead, Octav plans to integrate with existing crypto tax platforms, leveraging its database to facilitate pre-tax reconciliation of user transactions. This would be particularly useful for accountants preparing tax returns for clients.

In conclusion, Octav aims to expand its user base and become the go-to platform for DeFi enthusiasts, while also providing valuable services to accountants and tax professionals. The company believes that its breakthrough will come from catering to both these user groups. For more information, visit the Octav website, Medium, X, Discord, or Official Docs. Contact Stephen Edvi, marketing manager at Octav, for further inquiries.