DeFi Support

Do you have an estimated timeframe for adding DeFi support for apps like dYdX and Compound?

Once you do will we be able to trial it at all under the free version before paying? I can’t justify paying if there isn’t true DeFi support.

Hi @dhansen,

Compound support is imminent and we will let you know as soon as it is available. You will be able to see your transactions for free (tax report will be part of the Premium plan). dYdX is a little further out but we will also let you know as soon as it becomes available.

Thanks for the quick reply! Looking forward to it, great product.

2 Likes

Hi @dhansen,

Per your request, we have added support for Compound in CoinTracker. We’ll now automatically support syncing of your cTokens and properly track the capital gain/loss when you move in and out of collateralized Compound positions. To get started, simply add your ETH address to CoinTracker.

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Portfolio tracking with DeFi is still free, and to get your tax report, you’ll need to make sure you have a Premium Tax Plan. If you have any questions or feedback, please let us know!

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@Chandan thanks for the notification. How exactly does your expanded functionality with compound work?

I’m not really seeing any differences in my transactions, but maybe I’m missing something. Possibly worth it to delete and resync the Defi Wallet?

Hi @cwzens,

When you send a coin into Compound’s smart contract for collateralization and receive the corresponding cToken back in your ETH wallet, you should now automatically see these matched up (both when you deposit and withdraw). If you see any issues here, please let us know!

@Chandan
I guess my expectations of this added functionality were different than reality, and I’m not quite sure how to report the information.

Expectation: Ability to understand exactly how much interest was earned within CToken contracts, and when it was earned, to report an accurate cost basis of all earned interest.

Reality: Transactions look the same as before, but Cointracker now recognizes the cTokens properly, and allows me to edit the information? Does this mean that I can only record a taxable event when the cTokens are sold?

Am I understanding this correctly?

Hi @cwzens,

Yes, you are correct. Compound transactions are actually taxed like other crypto-to-crypto trades (not interest in the eyes of the IRS). That means that you’ll see the capital gain/loss when you sell/trade/dispose of the cTokens.