OpenPool

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Frequently asked questions

What is OpenPool?

OpenPool is best suited for developers and startups who need to process and analyze blockchain transaction data for on-chain financial reporting and analytics. The OpenPool API allows users to clean, normalize, tag, and enrich on-chain transaction data at scale, supporting over 7.5K tokens, leading DeFi protocols, and NFTs on Ethereum and major EVM chains. It enables developers to create custom dashboards and reporting, tailored to their specific needs, in a shorter timeframe compared to traditional accounting ledger systems.

What is the OpenPool API and why did you guys launch it?

The OpenPool API is a tool provided by OpenPool that enables developers to build customized financial dashboards and internal reporting systems using blockchain transaction data. It was launched to address the time-consuming nature of processing and navigating blockchain transactions, as well as the need for accurate on-chain reporting. OpenPool aims to help builders and startups launch their projects faster by providing a solution that allows them to create bespoke dashboards and reporting in a matter of days, rather than months. This API offers flexibility and the ability to tailor solutions to specific needs, freeing users from the limitations of pre-built dashboards.

What is OpenPool best suited for?

OpenPool is best suited for accessing real-time pricing for tokens, conducting profit and loss calculations for token or DeFi investments, and generating financial reporting data. It provides historical pricing data for high-volume tokens and supports cost basis and floor pricing calculations for NFTs from multiple major marketplaces. OpenPool also supports major accounting methods and allows users to choose whether to display financial data in native cryptocurrencies or in USD.

How can I access real-time pricing for tokens?

The OpenPool API allows users to access real-time pricing for over 7.5K tokens. This pricing data can be used for live or historical profit and loss calculations for token or DeFi investments. The API provides second-by-second historical pricing data for high-volume tokens. Additionally, OpenPool supports Cost Basis and Floor Pricing calculations for NFTs from multiple major marketplaces.

What financial reporting data can I uncover with OpenPool?

With OpenPool, you can uncover financial reporting data such as cost basis, profit and loss (P&L), realization events, and DeFi reward accruals without the need to calculate any financial metrics. OpenPool supports major accounting methods including FIFO and Average Cost, and gives you the option to display financial data in native cryptocurrencies or in USD.

What accounting methods does OpenPool support?

OpenPool supports major accounting methods including FIFO (First-In, First-Out) and Average Cost. Users can choose whether to display financial data in native cryptocurrencies or in USD.

How can I build custom financial dashboards and reporting with OpenPool?

The OpenPool API is a tool that allows developers to build custom financial dashboards and reporting systems. It enables the processing, navigation, and analysis of blockchain transaction data, making it easier to create accurate on-chain reporting. The API is designed to save time and provide precision in financial operations. OpenPool launched the API to help builders and startups launch their projects faster by providing them with the flexibility to create bespoke dashboards and reporting solutions that perfectly fit their needs. It allows users to escape the limitations of pre-built dashboards and tailor their solutions according to their requirements.