Support for Solana Staking/Defi/Lending/Borrowing

Koinly Support
#1

I gather Solana blockchain support is limited at the moment since it is a newly implemented chain for koinly, When I imported by solana address history via auto sync it turned out into a complete mess:

  1. To avoid impermanent loss, depositing SOL into a smart contract to provide liquidity for SOL denominated pairs like prtSOL/pSOL exchanges are not treated properly. It treats such transactions as ordinary swaps with gains/losses but your tokens are not actually sold, they just getting wrapped to allow exchanges between the wrapped versions, but its all the same underlying token (like WBTC is to BTC or WETH is to ETH). For the time being I used the ‘sent to pool’ and "received from pool’ functionality. This could be treated the same as staking. But still the transactions are a mess because I get “Missing purchase history” all over the place.

  2. Also, liquid staking of SOL is not handled correctly. When depositing SOL to smart contract for liquid staking, SOL is wrapped into mSOL or stSOL depending on which smart contract you use (marinade or lido). It treats these like ordinary crypto swaps or conversions with gains. For the time being I used the sent to pool’ and "received from pool’ functionality.

  3. When interacting with lending/borrowing like Solend, these transaction imports are a mess. Depositing mSOL (staked SOL) then borrow (SOL) for example. Then stake borrowed SOL and liquid stake again through marinade (mSOL). This can be done recursively to increase leverage of staked asset without risk of liquidation since mSOL and SOL are what is being lent/borrowed.

At the end of the day, the SOL is not sold for any gains/losses yet those transactions were a mess.

Apart from this shortcoming, koinly is the best crypto trading software I’ve used so far. It supports more exchanges and transaction types than most.

2 Likes
#2

hello, also have this same issue, like many others, has Koinly responded? Is there other software that actually reads Solana tx instead of just advertising as so? Thanks!

2 Likes
#4

+1
I’m running into the same issues with liquid staking on Marinade. How does one indicate that mSOL was received for staking SOL, and not as a result of a trade or swap? I’m in the US, where this is a gray area in the tax code. I would like there to be a way to indicate that this is not a taxable event, at least until there is clear guidance provided by the IRS (tax authority).

I’m also having issues with ‘missing transaction history’ warnings when my positions on Francium are closed. Despedning on the position, I may correctly receive coins that are different than the ones I initially opened the position with. These trigger ‘missing transaction history’ errors when they should be treated like a ‘trade’ or ‘swap’.

If anyone has good workarounds for these issues. Please share. Thanks

#3

Having the same issue - how did you end up classifying this for tax purposes with regards to upgrading stake sol to msol?

#5

Another solution is https://stake.tax/

#6

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