Incorrect processing of 1INCH/ST1INCH staking on Binance Smart Chain

Koinly Support
1

Describe the problem:

Koinly displays “No market price found for ST1INCH on this date.” for a number of transactions after my import.

Because it is unable to process ST1INCH correctly, Koinly fails to reconcile transactions and applies capital gains tax to a transaction that was staked into 1INCH stake pool using Binance Smart Chain (Binance Wallet).

Koinly classifies this as a ‘Send’ transaction.

Please check Binance Transaction Hash (Txhash) Details | BscScan.

BscScan shows 3,885.831 1INCH being staked using 2 transactions:

  1. From my BNB wallet address 0x22a55978fa5b7b82810e0be48400e5a98b20ac2e to 0x73F0a6927A3c04E679074e70DFb9105F453e799D (1INCH Official staking contract/pool).

  2. From Null Addess 0x0000000000000000000000000000000000000000 back to 0x22a55978fa5b7b82810e0be48400e5a98b20ac2e (My BNB wallet address )

It looks like Koinly code is only taking the first transaction and presumes it is being send to someone else, which is not the case.

I have no way to mark this transaction as staking in a pool on Koinly. Instead of £12,419.55 profit it should be £0.

It looks like coinly is unable to account for ST1INCH token on Binance Smart Chain. st1INCH tokens are synthetic non-transferable versions of the staked 1inch tokens in proposals. Consequently, this inability to process ST1INCH tokens leads to Koinly not beign able to properly account for the 1INCH balance as it is being staked and unstaked.

Which exchange/wallet is this regarding?

Binance Smart Chain / Binance Smart Chain Wallet

How did you import data into this wallet?

Imported using Binance Smart Chanin Public address

What have you tried to fix this so far?

I tried deleting this transaction. But Koinly then adds 3,885.83 back into Binance Smart Chain Holding Balance. Which is wrong, since all of the 1INCH balance has been sold in other transactions at a later date. It looks like Koinly cannot yet process ST1INCH token and correctly reconcile staking transactions on Binance Smart Chain blockchain.

2

Heyo @Aleksand , great question!

Tagging the sent coins as ‘Sent to Pool’ will make sure that Koinly sees those coins as still yours, even if they were sent to a smart contract or locked away from your wallet for staking.

Similarly, you should use the ‘Received from Pool’ tag when you receive your original coins back from the staking contract.

As for ST1INCH, it is only a representation of the underlying in this case(which we know you own since you are using the “pool” labels). This means they aren’t relevant to your tax purposes and can be deleted outright.

Regarding balances, a few strange things can happen on their API’s side, like showing ST1INCH but not the 1INCH send to pool etc… To get around this, let Koinly alone calculate balance based on the string of transactions. You can do that by hitting “ignore reported balances” in your API settings.

Some documentation with a video with more details on this: https://help.koinly.io/en/articles/4928636-staking

Hope this helps, but do not hesitate to shoot an email to support@koinly.io if you need us to look into your account into more details.

Cheers!