Please fix WMATIC (Polygon)

I have posted this issue a couple of times already, this is literally the deal breaker and the main reason why I did not purchase yet.

The operations of wrapping MATIC into WMATIC and unwrapping WMATIC are not considered. Will this ever be fixed? There are other platforms that do this (CryptoTaxCalculator) for example, but I actually prefer Koinly and that is the reason why I am here.

Thank you!

I’m confused by your request… Koinly doesn’t automatically do this, you’re right, but you can manually merge the 2 transactions (MATIC Withdrawal & WMATIC Deposit) pulled by the API and designate it as a swap.

Hello.
I could be wrong, but I don’t think this fixes it, because in my Polygon wallet I have way more WMATIC than what I have in reality. This seems to indicate that when I unwrapped WMATIC into MATIC this was not accounted by Koinly. Also, I have a few missing purchase history warnings, that come from me swapping WMATIC for some token, but because Koinly did not detect that I had wrapped MATIC into WMATIC previously, it does not now know that I had WMATIC on my wallet.

So I don’t see how what you mentioned fixes my issue (again I could be missing something, and I hope that is the case)

Thank you!

I manually tagged them as swaps and it shows correctly for me now. It’s a bit tedious, you have to go through every transaction and click the checkbox for the MATIC withdrawal and corresponding WMATIC deposit (and vice versa for unwrapping) and click merge. They really should do this automatically but at least there’s a workaround.

Hello.

Could you please elaborate on this? Maybe I am just being an idiot but I don’t think I have all the transactions. For example I have this error:

This indicates to me that, I had some WMATIC on my account that is not correctly identified by Koinly. How would you go on about fixing this? Are you saying that there is a WMATIC deposit on my transactions? But if that was the case, I would not have the missing Purchase History of WMATIC.

Thank you!

EDIT: I have a bunch of missing transactions costs and they are all WMATIC

Sorry, it’s been a while since I did this so I had the details a bit wrong. I was thinking of some other transactions that I had merged to get the cost basis correct. Looking back at my transactions, it turns out that I was editing the WMATIC transactions and adding the other part of the exchange myself. I have only ever unwrapped WMATIC and would do so immediately after I redeemed some rewards. I looked at all of my incoming MATIC transactions that occurred immediately after redeeming rewards and edited them so they had an equal amount of WMATIC as the exchange. It was a gigantic pain to do it. I always deposit my MATIC back into AAVE so I’ve gotten in the habit of just using 1inch to exchange WMATIC for AMWMATIC directly.

I tried doing this again, and it’s very weird. I swapped some MATIC for WMATIC on quickswap.exchange, and it doesn’t show the WMATIC coming into my wallet on Polygon Scan, only the MATIC leaving my wallet to be sent to the WMATIC contract. I’m assuming this is similar to your situation, as Koinly can only pull what is recorded on the blockchain, and for whatever reason, WMATIC isn’t being recorded as incoming after the swap.

I manually updated the transaction to show that it was a swap to WMATIC in Koinly. Need to do a deeper dive into this. :thinking:

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I actually made a ticket about this at the beginning of August and forgot about it. The unwrapping/wrapping shows as an internal transaction. It’s a bit more complicated than a standard transaction but Koinly should still be able to pull that information.

Here’s my ticket from before: Polygon WMATIC to MATIC swaps do not update WMATIC balance

I also link to a reddit post that goes over the details about the internal transaction in there.

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Hello.
The problem is that I think you cannot pull the MATIC wrap and unwrap directly from the polygon explorer. You need to go through the transaction and internal transactions. I wrote some Python code to do this some time ago.

Basically the way it works, I believe is like you said. Polygon explorer only tells you that you sent MATIC out, and you need to infer that you swapped it to WMATIC because you sent MATIC to the WMATIC contract. The same way, you could also infer the unwrapping on WMATIC in some other way that I don’t remember off hand.

However, I believe that this is a major flaw on Koinly to not have this implemented. Also, since this happens for Polygon I assume it also happens for every other blockchain, which is literally the only thing stopping me from purchasing this service. I made a couple of posts and even contacted support about this a couple months ago, but no definitive answer.

Thank you!

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That Reddit Post is mine :rofl:.

Because Koinly is not doing this I wanted to write my own tool. But it’s a pain if I would have to write this for all chains that I use, and also integrate with all the other transactions. Huge oversight on Koinly’s part I believe. I hope this get’s fixed soon…

Thank you!

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Nice haha. I’m surprised it hasn’t been fixed at this point. There should also be a way for us to merge feature requests together. A quick search shows a bunch of these with varying numbers of votes. I’d upvote each one if I could but we have a voting limit.

It definitely is a huge oversight on Koinly’s part. Layer 2/Sidechain solutions like Polygon are just going to continue to grow in popularity. The ability to accurately track the cost basis for the gas token on the network is crucial.

@Petur_Koinly could you give an update on this?

And like the thing is that it does not even seem to be like it’s a big deal (I could be wrong). It’s just add a few more lines to the codebase. I really hope they fix it until the end of the year(If this happens to Polygon I pretty much assume it happens for other chains as well.)

Hello @Petur_Koinly please don’t ignore this, this is 100% a deal breaker for me.

Thank you! :slight_smile: