How to handle Stake tokens?

[edmorbius]

Hi

I recently acquired Olympus DAO (OHM) and I staked it. This is the same with many tokens in that one stakes (OHM in my case) N tokens and receive N stated tokens in return (sOHM in my case). The koinly import just shows OHM going off to some contact address with a gain/loss and sOHM coming in from that contact. sOHM has no value to koinly. Isn’t there a better way to handle this?

Seems that sOHM is like an IOU and it should have the same value as the staked token. Any interest could be handled separately.

[Nick_Facchetti]

+1 on support for both custom toekns and AVAX support ASAP. Even the most simple transactions with MEMO and wMEMO become very quickly unmanageable, confusing, and very easy to make errors.

Not sure if this is correct but FYI to all else, I have been able to sort of work it out manually by searching my metamask address on snowtrace, export both the transactions and ERC20 tokens page and import to Koinly. Then go through and fix it all, by comparing aganist the debank.com history of your AVAX wallet. But this still has the problem of having no real way of representing the staking of TIME and recieving MEMO. This would work if we had access to using unique custom tokens that Koinly doesn’t support, since it’s not really even a token (?)

[fakefox]

Soft delete all sOHM. Mark stakings as Send to pool. Manually add rewards inside pool. Mark unstakings as Recieve from pool.

[Paul_Russell]

so when is the right time to manually add the rewards? once you’re no longer pulling out the original coins?

[dan1d]

What do you mean by “inside the pool”? How do you fix the issue that it returns more quantity from the pool than you sent to the pool?

[wagmi-to-the-sun]

If I understand the taxable nature of MEMO/sOHM its being rewarded on a multiple per day period (rebase every 8 hours) and each round qualifies as income. Tracking this information isn’t available for avax as the block explorer does not show when these rebases happen (3 per day) against your account. So for avax users its not possible to track at this time unless you can sift through millions of records against the contract address. The reward can be averaged over a period knowing the start/end, market price and etc but to your point its “crazy”.

On avax, wMEMO was created as a wrapper to stop taxable events from happening as the new token is just increases in value & not shares. I recommend anyone entering MEMO to immediately exchange it for wMEMO. @Paul_Russell I would recommend looking into if sOHM has a wrapper equivalent.

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@koinly I am having a similar problem tracking TIME/MEMO & wMEMO on the AVAX network, please hurry on AVAX support. For me, Koinly is not showing any withdraws so I cannot mark the transaction as `Sent to Pool`. Each time I exchange TIME for MEMO I have two MEMO deposits. Manually converting to an exchange leaves 1 deposit hanging which I have to manually delete. When the transaction is listed as Deposit it only gives an option to mark as `Received from Pool`.

Furthermore, the UI has no understanding of the the two tokens in my case (MEMO, wMEMO) as well as others in the Abracadabra ecosystem. It should at least allow me to manually enter a contract address to use for manual ticker symbols at least if not automated valuations on top of that.

Memo is a 1:1 stake swap against Time Wonderland while wMEMO is a wrapper around MEMO designed to stop taxable events and enable borrowing value against collateralized positions using Magic Internet Money.

Contract Addresses:

• Staked Spell: sSpell - 0x3Ee97d514BBef95a2f110e6B9b73824719030f7a
• Wrapped Memo: 0x0da67235dD5787D67955420C84ca1cEcd4E5Bb3b
• MEMOries: 0x136Acd46C134E8269052c62A67042D6bDeDde3C9

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If anyone has a solution to this please let me know. I have been trying to find a different ticker with no market data to manually insert a value into and subsequently remember it forever.

[fakefox]

The second you use the function “Send to pool” Koinly automatically creates a pool wallet with the same name as the wallet you sent from. You can’t see this in the Wallet overview but you can choose it from the pull down menu when manually adding transactions or filter by it in the Transactions overview.

How often you should add the rewards is up to you, how close you want to track the value. It’s not necessary to add it until the same day that you’re pulling it out of the pool, but I prefer to to it on a weekly or monthly basis depending on your timeframe and size of the position. If it’s a really big part of my portfolio, like OHM is for me, I even do it every 2-3 days so that the dashboard shows the right value of my portfolio most of the time.

[bobby_Vx]

I wonder if Koinly uses AI?
Once a manual solution is found, it should be automated in my opinion as this can become tricky if you’re not sure how to treat the
OHM —> sOHM conversion.
Same thing for TIME——>MEMO

[Paul_Russell]

When is the right time to manually add the rewards? once you’re no longer pulling out the original coins and wish to withdraw form the pool of yield?

If it isn done immediately then the dashboard balance is wrong. But adding manual rewards every rebase seems crazy

[mindwtf]

@wagmi-to-the-sun

It should at least allow me to manually enter a contract address to use for manual ticker symbols

I’m with you here. It’s frustrating not being able to at least input a “custom” token when it doesn’t exist in Koinly’s database, as is the case with MEMO & wMEMO. wMEMO’s value simply increases over time, so we should just be able to specify its price when we originally wrap, and unwrap. But Koinly doesn’t let you add a custom token, so you have to use some workarounds which can quickly become unmanageable.

Hey @Petur_Koinly - regardless of AVAX chains & tokens support which is very much needed, is allowing users to create/import their own token on your radar at all?