Why Validating Transactions on Octav is Important

How often do you look at your transaction history on a blockchain explorer and are left thinking, what the heck were those protocols I interacted with?

Blockchain explorers are not user friendly
Blockchain explorers are not user friendly

Octav is simplifying how we track our transactions in DeFi, providing a novel solution to a long-standing problem in the DeFi landscape: the lack of properly labelled transactions and stats such as profit & loss, cost basis, fees paid, & more.

On Octav, your DeFi transactions are seamlessly matched with the right protocol names and functions to achieve a comprehensive view of your DeFi transactions. But that’s not all — Octav also introduces a vital validation aspect, engaging the community in a uniquely collaborative way.

On Octav, transactions are matched with the right protocol names and functions automatically
On Octav, transactions are matched with the right protocol names and functions automatically

Understanding Octav’s Functionality

At its core, Octav operates as a massive database that stores protocol names and functions with its corresponding smart contract addresses. When a user interacts with a specific protocol address, Octav matches the name or function to provide a transparent and comprehensible view of the transaction. This not only improves the user experience but also facilitates better decision-making by providing clear, easy-to-understand transaction data.

However, most protocol addresses are not labelled in their code or on blockchain explorers like Etherscan, which can pose a significant challenge to adding new protocols to our database. To combat this, Octav employs a powerful validation system, creating a dynamic, user-driven solution.

Transaction Validation: A Community-Centric Approach

You can validate spam airdrops so its marked as spam in the future.
You can validate spam airdrops so its marked as spam in the future.

Octav’s validation process enables the community to actively participate in updating and refining the database. If a user interacts with a protocol address that is not recognized by Octav, they can inform the system about the protocol and the function they used. This information is then validated, and once approved, it is integrated into Octav’s “Brain,” the learning algorithm that powers the platform.

The beauty of this process lies in its universality. Once a transaction is validated for a specific user, Octav learns from it and applies this newfound knowledge to any other address that interacts with the same protocol. This not only improves the individual user’s experience but enriches the entire Octav community by continuously enhancing the platform’s capability.

Incentivizing Validation: The Leaderboard System

Recognizing the vital role users play in this validation process, Octav offers a rewarding incentive scheme. We have created a leaderboard that showcases the most active addresses and those with the highest validation scores.

Users can increase their validation scores by continually contributing to Octav’s learning process. This active engagement aids in creating a more accurate and comprehensive DeFi platform that benefits all Octav users.

Every month, the leaderboard winners receive exciting rewards such as USDC tokens, premium Octav memberships, exclusive merchandise, and more.

How to validate transaction on Octav

  1. Sign in and connect your wallet to Octav

  2. Head over to the “Transactions” tab and filter your transactions status by “to be reviewed”

  3. Now all your transactions should have a red icon, meaning they need to be validated.

  4. Click on any transaction and verify that the recommendation Octav has given matches the actual transaction you made with that wallet or protocol.

    1. If it matches perfectly, hit “Validate”

    2. If not, you can update the metrics to help Octav train its Brain. Metrics you can update:

  • transaction type

  • protocol

  • asset label (in and out)

  • asset quantity

  • asset price

Need help? Check out this tutorial on our YouTube

As you can see, you have the flexibility to edit almost anything for all your on-chain transactions. If you want to go back to the original value after editing a field, click on ‘Fetch original suggestion’ and your transaction will reset.

After you have made all the required changes, on the ‘Transaction’ tab, you’ll see the number of transactions edited since the last sync. Click the ‘recalculate transactions’ button to ensure your portfolio reflects the latest changes and stays up-to-date. This feature saves you time by updating all your transactions at once.

Happy editing!

FAQ’s Validating transactions

Q: What if I interacted with a protocol that is not in your protocol list?

  • If you interact with a protocol that says “Unknown” first check if it’s in our list. If it isn’t then let us know in our Discord and we will add the protocol.

Q: Why does the token price say $0.00?

  • We pull some of our data directly from blockchain explorers, therefore if the token price on the data source is 0, it will be 0 on Octav too. We are working on a fix for this by increasing our data sources.

Q: Why do I need to validate my transactions?

  • Validating transactions helps train Octav’s brain, not only so that you wont need to validate future transactions with the same protocol but also for the entire community who interacted with that protocol.

Q: Can I validate all my transactions at once?

  • You can all validate all transactions for a specific protocol at once by clicking “recalculate transactions” after you validated one transaction.

Q: I made a mistake in my validation, how can I undo it?

  • You can click on “fetch original suggestion” to revert your validation and then start again.

Octav is at the forefront of user-centric DeFi innovations, placing community collaboration at the heart of our platform. By validating transactions, you’re not only refining your own DeFi experience but actively shaping the future of the Octav for the crypto community.

Stay up-to-date on the latest Octav product updates by joining our Discord, and Twitter.

Thanks for reading,

Team @ Octav Labs

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