How to reduce time when syncing wallets?

Cryptoworth’s new selective wallet sync feature enables faster calculations, reporting, and general ledger sync by reducing the volume of unsolicited token transactions.

A wallet with 600k transaction lines could be reduced to just 10k—a 98.4% reduction—by clearing out the token balances that don’t need to be tracked, priced, or reconciled.

Reducing the transaction volume for wallets filled with SPAM or unsolicited tokens is imperative.

The Issue when Syncing Wallets

Currently, when checking a wallet’s balances, tracking tools fetch all tokens that have ever been received. This overloads the historic transaction entries and balance sheet, wasting time locating relevant data. 

In recent years, spam tokens have cluttered the transaction history of most on-chain wallets. 

For accountants, this noise adds time to the cost-basis calculation process and the generation of financial reports, hampering clarity and efficiency.

Accountants have traditionally spent extra time marking these token addresses as spam or uploading a spam CSV—both time-consuming tasks and, ultimately, an inefficient use of resources.

That’s why Cryptoworth has implemented a more robust solution.

When setting up a new wallet connection, simply select which tokens need to be accounted for and leave the rest out of the sync. This selective process has tremendous potential to reduce sync times and expedite calculations, ultimately helping you save valuable time in your month-end closing.

Key Benefits of Selective Wallet Syncing

With this feature, your month-end close will benefit from:

• Enhanced Clarity: By filtering out irrelevant transactions, accountants can focus on reconciliation and sanity checks.
• Reduced Data Load: Eliminates noise, making the syncing process faster and smoother.
• Improved Workflow: Reduces time spent sorting through transactions, helping accountants streamline their month-end closing processes.

How to Specify Which Tokens to Track

To set up selective syncing, reach out to us with the following details:

• Entity: Name of your entity in Cryptoworth.
• Connection: Connection ID or name.
• Token Contracts: Token contract addresses for the tokens you wish to track.

Then, we’ll set up for you within the next business day.

Let’s look at an example: Treasury Sync

This feature is especially useful for cases where you already know which tokens you need to track. For instance, let’s consider a Mantle Treasury wallet on the Ethereum Mainnet. In this case, you only need to track ETH, MANTLE, mETH, ApeX, and stETH.

However, without selective syncing, the connection would pull in data for all tokens, even if they’re irrelevant to your reporting. 

With selective syncing, you can choose to track only these five tokens, drastically reducing the time spent syncing, running calculations, and generating reports.

Why Selective Syncing Matters for Crypto Accounting

Selective syncing ensures that only essential transaction data is synced, maintaining reliable, accurate records. By reducing cluttered data, this feature contributes to:

• Improved Financial Reporting: Accountants can work with concise, relevant data, leading to faster and more precise reporting.
• Enhanced Compliance: Streamlined data aligns with compliance requirements by focusing only on necessary information, eliminating the risks associated with unnecessary or spam transactions.

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For more information and to explore Cryptoworth’s features, please visit Cryptoworth’s website. Connect with us on LinkedIn for the latest updates and insights.

Contact Information:

For inquiries or additional information, please contact Cryptoworth at support@cryptoworth.app.