How Recap Cut Operational Costs by 80% with Moralis

Recap is a UK-based crypto tax calculation tool built around privacy, allowing crypto investors and accountants to easily track all their crypto assets in one place.

Operational Cost Decrease

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Increase in Performance

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Increase in Concurrency

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We needed a lot of comprehensive transaction data to produce accurate tax reports for our users. Moralis proved we could rely on them for detailed historical data and allowed us to offer support for more chains quickly.

Picture of <span class="title">CEO</span> Dan Howit

CEO Dan Howit

Recap

https://recap.io/

CEO OF Recap

Dan Howitt

CHALLENGE

Recap struggled with its complex system for accurately tracking and classifying every crypto transaction for tax purposes. Their existing setup, which relied on multiple endpoints, was inefficient, difficult to scale, and resource-intensive.

SOLUTION

Recap adopted Moralis’ suite of APIs to streamline its data retrieval. This integration consolidated multiple endpoints into a single, efficient interface, simplifying their codebase and boosting performance.

RESULTS

Recap reduced code complexity by 85%, increased performance 5x, and cut operational costs by 80%. This allowed them to reallocate resources, improve tax calculation accuracy, and enhance overall service reliability.

About Recap

Recap is a leading cryptocurrency tracker and tax calculation app with end-to-end encryption. It allows you to track all crypto asset transactions you’ve made across all of your exchanges and blockchains. In short, Recap allows you to manage your taxes, track your portfolio, and plan your digital wealth with complete privacy from its end-to-end encryption, meaning the only person who can see your transaction history is you.

Recap’s Challenge

As a tax calculation platform, Recap faced the challenge of ensuring that every crypto transaction is accurately tracked, classified, and reported to meet stringent tax requirements. Given the complexities of blockchain transactions, particularly on EVM chains, Recap needed a solution capable of addressing the following critical tax-related needs:

Comprehensive Data Capture: Every value transfer must be captured and verified by comparing actual wallet balances against computed balances. This is essential to ensure accurate tax reporting.
Historical Data Access: The entire transaction history of a wallet address must be fetched to calculate taxes correctly. Any gaps in data could lead to inaccurate tax positions.
Data Reclassification: The ability to reclassify transaction data without needing to refetch it is crucial for adapting to changing tax regulations and user needs.
Complete Transaction Details: Recap required access to all data related to every transaction referencing addresses, ensuring no detail is missed in the tax calculation process.

Given these requirements, Recap’s previous setup, which involved querying multiple endpoints and services, grew increasingly inefficient and difficult to scale. The complexity and resource demands of maintaining such a system led Recap to seek a more streamlined and robust solution.

From the very beginning, Moralis was receptive and eager to help us. They listened to what Recap needed and accommodated, always open and responsive to feedback, helping us scale our product.

Dan Howitt, CEO of Recap

Moralis APIs

Recap turned to Moralis and its suite of Web3 APIs, including the Wallet API, NFT API, and Token API. Using Moralis APIs provided a unified interface that consolidated multiple endpoints into a single, streamlined solution. This integration simplified Recap’s codebase and drastically improved performance by eliminating the need for multiple services and reducing the complexity of their infrastructure.

Wallet API: Allows Recap to efficiently retrieve wallet history and accurately track all transactions.
NFT API: Gives comprehensive metadata for NFTs, crucial for identifying and valuing assets for tax purposes.
Token API: Gives easy access to users’ token balances and metadata, ensuring accurate and up-to-date reporting.

Why Moralis?

Recap compared several Web3 API providers before ultimately going with Moralis, largely because of Moralis’ comprehensive coverage of blockchain networks, ease of integration, and performance benefits. Moralis stood out for its technical capabilities, ease of setup, and clarity of its documentation, which allowed Recap’s team to quickly integrate Moralis APIs and start testing their functionality.

Results with Moralis

By consolidating their data retrieval processes through Moralis, Recap replaced 120 lines of code across three endpoints with just 15 lines, significantly reducing complexity and improving efficiency. Integrating Moralis gave Recap up to a 5x increase in performance, a 20x boost in concurrency, and an 80% reduction in operational costs.

Code Simplification: Reduced 120 lines of code to 15 lines.
Performance Gains: Achieved a 5x increase in performance and a 20x boost in concurrency.
Cost Efficiency: Reduced operational costs by 80%, allowing resources to be reallocated to user support and product scaling.

Using Moralis allowed us to consolidate multiple endpoints into a single interface. This significantly simplified our codebase, drastically improved query performance, and reduced costs while enhancing the reliability of our product.

Dan Howitt, CEO of Recap

About Moralis

Moralis is a leading crypto data provider that helps companies build great user experiences and drive engagement, growth, and revenue in their applications through its suite of APIs and RPC nodes. These scalable, cross-chain data products – such as the NFT API, Wallet API, Token API, Price API, Blockchain API, Moralis Streams, and Moralis Nodes – seek to bridge the development gap between Web2 and Web3.

Getting Started with Recap

Recap has transformed how crypto tax calculations are handled. Discover the power of Recap’s tax software and experience the benefits of seamless integration with Moralis’ cutting-edge APIs. Learn more about Recap at Recap.io.