Case Study: How Awaken Went Multi-Chain with SimpleHash
Each year, thousands of people use Awaken to save countless hours and thousands of dollars on their crypto taxes. Using AI, Awaken accurately handles 10,000+ different dapps.
Using their sophisticated platform, users automatically have their liquidity providing, staking, bridging, and swap transactions handled, with minimal effort and headache. Awaken also helps generate all the required tax forms needed for returns or to provide to a CPA.
The Challenge: Internal infra development can quickly drain resources.
NFTs, like any other digital asset, create taxable events in most jurisdictions when bought and sold. For crypto tax providers, this means they need granular, reliable, and consistent NFT data to accurately help prepare user tax calculations. Before SimpleHash came into the picture, Awaken's dev team was dealing with multiple different custom pathways for NFT data indexing. Though initially effective, this method was neither cost-effective nor efficient in the long run. That led them to look at other options
Andrew Duca, co-founder of Awaken, had three key criteria for any potential NFT data provider service provider:
- The ability to implement a single API across diverse ecosystems
- A pricing structure that was both transparent and scalable with the business
- Reliable and real-time market data across multiple sources
Upon finding SimpleHash, it looked like they had an option that covered all three of these requirements.
The Solution
SimpleHash provides a robust, multi-chain API at a scalable price. After evaluating a multitude of options, Awaken selected SimpleHash. What stood out was:
- SimpleHash’s shipping speed, and their ability to rapidly develop and deploy features
- Their support model including direct engineering team access and ultra-fast response times
- Their coverage of crucial ecosystems – particularly their robust Solana support
Efficient Ecosystem Coverage
This last point was particularly crucial - SimpleHash’s multi-chain API empowers Awaken’s devs with real-time access to a wealth of data, including NFT metadata, transaction history, market prices, and more, across more than 50 blockchain networks (including testnets). Given that Awaken’s ultimate end goal is to provide robust, trustworthy tax calculations users can rely on, having a common schema for NFT data across all the different chains made this much easier.
Awaken has made particular usage of the following SimpleHash capabilities:
- Sales & Transfers by Wallet – the full NFT transaction history for a given wallet
- Collections endpoints – the full set of floor prices (current and historical) for an NFT collection, which helps in determining current and past values
- NFTs by Wallets – for enumerating the full set of NFTs owner by a given user
A Transparent, Scalable Partnership
SimpleHash provides a simple to understand pricing model based on the number of requests, allowing teams to scale as they grow. This aspect of transparency and scalability meant that Awaken not only improved its current operations but also secured a partnership that could grow and evolve effectively alongside them.
The results
- 200+ hours of developer time saved
- Annual savings of more than $30,000
Looking ahead, Awaken notes that SimpleHash’s continual adoption and support of new NFT standards and chains means less engineering infra headaches for them to deal with, and more time spent on their core product and experience.
Awaken is dedicated to building the best tax experience for the web3 community, and SimpleHash is excited to help further this mission with support for the widest and most reliable source of real-time NFT data.
