Not sure how to address the missing rates for these, as they don’t really have a price.
Here is what Koinly is saying:
Someone asked a similiar question on a forum here.
SYRUP is basically an IOU for staking CAKE in the liquidity pool (see on PancakeSwap website)
CAKE-LP is a liquidity pair that represents your number of CAKE and LP tokens in a pool, and I am not sure how to calculate that price. A relevant forum question here.
Anyones thoughts would be massively appreciated.
Cheers
SYRUP definition: on PancakeSwap website.
A related question someone asked on the ATO website:
https://community.ato.gov.au/t5/Cryptocurrency/Staking-cake-with-syrup/td-p/141481. Basically were told to ask the ATO directly for more advice on how to treat the SYRUP tokens tax-wise
Update:
Set these transactions as “Sent to pool” and “Received from Pool” and the missing price error is gone.
I think this is the correct way to handle DeFi staking transactions?
However, for the SYRUP, Koinly is saying “Missing purchase history” but that does not matter as SYRUP has no price so the cost basis is zero anyway…
Hello, I have the same question.
The SYRUP token does not and will never have a market value, it is truly an internal placeholder for yield. It represents your position inside the pool and you get rewards based on the amount of SYRUP you have. When you want to leave the pool you change the SYRUP by your original CAKE.
How can we represent this in Koinly? there is not option to tag a transaction as “Received internal placeholder for LP yield tokens”
To be honest, I’m soft-deleting the transactions related with Syrup tokens, or any token that is received in exchange of staking tokens on a pool (Moox tokens for example) that is not an LP token, since they have no value, it is worthless to keep those on your records for tax purposes, once you withdraw from the pool, the tokens will be returned in full so why even bother if they have no value at all, they are just receipts…
