OpenPool Brings Clarity to Entendre’s Accounting Data

An Introduction to Entendre

Entendre Finance is providing enterprise-grade AI accounting and bookkeeping to automate all blockchain and digital asset activity.  Their mission is to accelerate the adoption of Web3 by automating on-chain financial operations, so that businesses can focus on innovation. Before Entendre, accounting and bookkeeping solutions for blockchain activity had consistently failed to address a recurring complaint from businesses — that they did not scale with the volume of transactions they were required to process. Entendre took up the challenge of addressing and resolving this fundamental issue and, in so doing, created the most performant, automated account platform for Web3.

Entendre’s Data Challenge

To achieve its mission of automating bookkeeping activities, Entendre processes large volumes of raw blockchain transaction data each day. However, while Web3 data is available to everyone and transparency is a core tenet of blockchain technology, contextualizing blockchain data so that it is easily understandable for customers and users isn’t always easy. By nature, raw blockchain data is far from user-friendly. For example, a smart contract address used to identify and attribute distinctive DeFi protocols is a long string of random alphanumeric characters - not exactly easy to interpret. Furthermore, the growing number of DeFi protocols available means new smart contract addresses are created constantly. Entendre needed a partner to accurately attribute smart contract addresses that appeared in its customers’ transaction data to identify DeFi protocols and continuously ingest and label new smart contracts coming on-chain. 

The OpenPool & Entendre Partnership

OpenPool is on a mission to make DeFi data easily digestible. Its data services include on and off-chain datasets used by customers to automate workflows for generating clear and easy-to-understand financial insights. By translating smart contract events and blockchain activity into familiar names and conventional financial metrics, OpenPool is able to provide an important data translation layer to raw blockchain data, tailored to each customer’s on-chain activity. 

As part of its service, OpenPool maintains comprehensive datasets of 50K+ Smart Contract Labels and 1MM+ Function Signature Names used in smart contract events to enrich raw blockchain data. Joined with transaction data, this translation layer unlocks immense value by allowing customers to attribute on-chain activity to specific companies and other players in the ecosystem.

For Entendre, showing customers how transaction data has been identified and which accounting treatment has been applied by its powerful AI software is absolutely critical. However, transactions often involve customer wallets interacting with external addresses and smart contracts. Without OpenPool’s Smart Contract Labels and Function Signature Names, Entendre’s customers may need to spend time manually researching and verifying these external addresses to understand which counterparties were on the other side of the transaction. Multiply this tedious task by potentially hundreds of transactions a business could engage in monthly, and the value of OpenPool’s data becomes clear. OpenPool enables Entendre to effortlessly show customers that transactions occurred with Aave, for example, rather than displaying an arbitrary smart contract address. By joining Entendre’s customer transaction data with OpenPool’s attribution data, Entendre significantly reduces the customer headache of interpreting raw transaction data. 

Impact & Results

Ultimately, the collaboration between OpenPool and Entendre resulted in a higher-quality offering that created value by saving customers time — valuable time that can be spent on other higher-priority tasks. Entendre’s customers will experience a paradigm shift in the speed and ease at which they can understand their transactions. Previously complex and obscure smart contract addresses are seamlessly decoded into familiar entities, making Entendre’s product clearer and easier to use. 

Looking for DeFi Attribution Data? Sign Up in 3 Easy Steps:

You can now sign up for our DeFi Attribution data on the OpenPool Developer Portal!

1. Create an account on the OpenPool Developer Portal

2. In the side navigation panel, head to our Plans page

3. Click ‘Get Started’ under the DeFi Attribution plan to get immediate access. Cancel on our site anytime — no questions asked.

For more information, see our API documentation here and our SDK documentation here.