If I deposit (say) 10,000 USDC in Compound, CoinTracker’s transaction list shows a single “trade” transaction showing 0 ETH spent, -10,000 USDC, and (say) +465380 cUSDC. All fine, and it shows little/no capital gain/loss, since if the prices are working correctly this should be a gainless trade.
However, it looks like behind the scenes this is being accounted as a “trade” in some ways, but as a send/receive pair in others. Specifically, a search for “category:trade” in the transaction search does not bring up this transaction, but searches for either “category:sent” or “category:received” both bring up this transaction. Furthermore, and more importantly for me, on the Portfolio Performance page, I’m seeing very inflated “Net Proceeds” and “Net Deposits” amounts, and my best guess based on the size of the discrepancy is that this Compound transaction is counting as both “Proceed” and “Deposit,” when I would expect it to not count as either.
Manually adding the +cUSDC information within the “same” transaction as the USDC removal seems to have removed the inflation of “Net Proceeds” but not of “Net Deposits.” This all feels confusing and a bit shaky. I’m happy to see that none of this seems to be registering as unexpected taxable behavior, but my Compound deposits are large enough relative to the overall size of the portfolio that this distortion of Net Proceeds and Net Deposits makes the performance page fairly useless for me. This also makes me worry about what other Compound-related acconting/taxation bugs might be lurking.
For now I’m reverting my manual changes and would be happy to engage with Compound folks if they want to take a closer look. Thanks as always.
Thanks for flagging this. If you are still seeing an issue here, could you please contact us directly so that we could take a look at your account?
Contacted you via that link with a screenshot and a link to a representative transaction. Let me know if I also need to give your team direct access to my account [I did not check that box]. Thanks.