ethfolio attempts to extract information from the Ethereum blockchain in order to build a FIFO portfolio to calculate earnings and capital gains. The goal is recognize several types of income types without being opinionated on the tax implications.
Initial MVP is accumulating income transactions recognized by the source or destination wallet address. Such a system could be used to track payments from a mining pool for example.
The Ethereum 2.0 proof-of-stake network has been launched and it is not clear if rewards for those staking validators on the network must claim be claimed even before they can be extracted.
ethfolio will function as a FIFO lot tracker for Eth transactions. With a highly volatile exchange rate between Eth and sovereign currencies, calculating capital gains or lesses is non-trivial with more than a handful of transactions. Below is the method for tracking your ethfolio.
- You must provide exchange rate history. Currently the expectation is to track income at a daily granularity. All income transactions will be accumulated for a given day and attributed the daily exchange rate.
- The ethfolio will be stored locally to avoid re-calculating blockchain transactions. This also assumes additional income sources are not specified prior to the latest date in the local store.
- When you make exchanges, you specify the actual exchange rate and date and that exchange will be tracked as a unique lot without being co-mingled with income lots.
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