Polkadot Parachain Auctions

With polkadot auctions coming soon, and already on kusama, is there support for accounting for these, or a classification we can use when contract moves dot out of our wallets into contract?

it’s not a withdraw, to another owned wallet, and it’s not a gain, what can we do for these that gives us correct accounting?

Let me talk with the team to see our plan :slight_smile:

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For now, let’s vote for parachains as a whole :smiley:


Excellent, yeah because this could be a big accounting issue when tokens are removed from our wallets, and placed into a contract. This shouldn’t be seen as sale, lost, or gains.

really hope there is a solution soon for this, as it will make things very difficult come 2022.

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One thing you could do in this situation @bobjohnson, is to treat it like how we treat staking - Staking Transactions - The Hub on ACCOINTING.com

Subsocial now has an API that includes all Polkadot, Kusama and related parachain balances. This could solve all of the issues we have with parachains (they still don’t work to my knowledge. Would be nice if someone could check this. Otherwise, me and all polkadot users will have some Problems going towards tax season.

The API is in their docs: Intro | Subsocial Documentation

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Hi, is there a so.ution on how to treat parachain auctions? I just checked on default it is classified as lending, is this correct?

So this is a weird case as the laws are not specific in this area, though I am unsure of your country as well. Therefore it is up to the user to classify as they want depending on how they chose to treat this kind of transaction. For example, with loans, the collateral should not be taxable, therefore, it should be an internal transfer as if it was staking, but the keyword is should. if someone wants to be super conservative they could do it as a trade. Similar to a LP, you can treat as a deposit or taxable event, or as if you are staking.

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Ah I see,thanks for the info.
I am based in germany right now. I will treat it as internal transfer.

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Has subsicial been looked at by the team @Matt ?