Advanced LP Price Tracking on BSC: Find the EXACT price of any LP at any date in history. No matter the coins
Finding the price of LP tokens is a difficult challenge, especially when tracking historical prices. There are few trackers for them, and the reputable sites don’t do a great job (CoinMarketCap tries, PooCoin doesn’t). And if you’re fulfilling your legal obligation of paying taxes, you’re going to need to know how to track LP tokens every time they pass your wallet. In this guide, I will show you exactly how to do it.
New to trading? Try crypto trading bots or copy trading on best crypto exchanges
Side note: I’m not here to have a second career, but if you do really need help doing this, send me a response and we can talk about how I can help you do this. It can be very overwhelming, and I have a good understanding of how this works.
If you need a primer on what exactly LP tokens are and how they are used in yield farming, read this guide on Yield Farming 101.
Here’s the procedure, followed by two examples:
- Identify the LP token you’re seeking, and the blockchain on which they reside. For the purposes of this guide, I’m going to use 2 examples to show the process.
- In case you haven’t yet, search for any trackers of the LP price. A quick google search of ETH/BTC LP price history on Binance Smart Chain may provide exactly what you’re looking for.
- At this point, you’re going to need to identify the contract address for the LP token. Every cryptocurrency has a contract address and when two cryptos are paired together in an LP token, the LP token itself has its own contract address. That is the contract address you’re going to need.
- Now, the process will differ slightly depending on which blockchain the LP token resides on. You’re going to search the scanning platform for the Binance Smart Chain: BscScan.com
- Now, you’re going to want to find a transaction record for an LP creation or split on the exact date you need the price for, and as close to the same time as you can find. LP tokens don’t change quite as dramatically as traditional tokens do, so if you’re close, you’re likely in good shape. Note, you’re not searching your own wallet. Rather, you’re searching EVERY transaction of that LP token. By finding an LP creation or split at the same date/time, you’ll be able to see the exact number of coins of each side of the pair that went into the LP, and you’ll be able to see the number of LP tokens that were generated. Often, you’ll see the actual value of one of the paired tokens in the transaction record, which will be very helpful.
- You’re going to find an ADD LIQUIDITY transaction or a REMOVE LIQUIDITY transaction. In both of those transaction types, you’ll see the exact value going in or the exact value going out, and the exact number of LP tokens involved. For example, let’s say you want to find the ETH/BTC LP token on March 1, 2022 at 10:15 am. You search BscScan.com (for the LP token contract address) and scan the transaction logs to find an ADD LIQUIDITY event for that very close to that date/time, and you look at the details of that transaction. You see that there is X amount of Ethereum, Y amount of Bitcoin paired together, creating Z amount of ETH/BTC LP Tokens. Depending on the coins and the network, you may also see a listed value of one or both of the tokens used. You’re going to use that information in the next steps. But, to recap, after this step, you’re going to have XYZ values for: X number of Token 1 Y number of Token 2 Z number of LP Tokens and maybe the $US value of one of the tokens used, if available.
- If the transaction record doesn’t list the value of one or both of the coins, you’re going to need to do an extra step now. You’re going to need to track one of the token prices at that exact time. CoinMarketCap is great for standard coins, and PooCoin is great for obscure coins on the Binance Smart Chain.
- Now, you will have either: Actual value of Token 1 used AND/OR Actual value of Token 2 and Total amount of LP tokens involved. In this step, add the values of the two tokens together, and divide that number by the number of LP tokens created.
9. That gives you the value of 1 LP token on that day/time. That’s the information that you’re seeking!
Now, let’s look at 2 examples, with screenshots, which should make sense of the steps listed above.
Example 1: Finding the price of 1 LP token of ETH/BTC on December 7th at 10:15 am UTC.
Finding the contract address of ETH/BTC. On the Binance Smart Chain, BTC is wrapped as BTCB. Now, go to a yield farming site. I’m using The Animal Farm, but the farm on Pancakeswap works exactly the same. On the farm, there is a “view contract” link at the bottom.
By clicking “View Contract”, we get:
On the right side, under “More Info”, there is a field for “Token Tracker”, with a link for Pancake LPs (Cake-LP). Click that, and we get:
At the bottom of the screen, is “TRANSFERS”, and under that is a list of all transfers of that token. Scrolling down further, we can see one of the transactions is REMOVE LIQUIDITY:
That is the type of transaction we’re looking for. Now, we need to try to find one such transaction (or ADD LIQUIDITY) near March 1st at 10:15 am UTC. Click where it says “Age” to change it to Date/Time. Now, you’re going to have to manually scroll through the pages on the top right of the screenshot to find the correct day/time. Alternatively, you could download the CSV.
On page 111, we see:
By clicking on the transaction ID on the left side, we get:
This is the information we’re looking for. Looking at “Tokens Transferred”, we see:
For obscure tokens paired with a common token, only the common token value will be listed (see example 2). But, since we have both values, we’ll add them together. Be careful about using these values. There are not always accurate. See below for example 2 where we use BNB and get an incorrect value. The BTC and ETH values do appear to be correct in this example.
7.693168 ETH worth $9,245.26 was paired with 0.562855 BTBC worth $9,377.73 to make 1.952682 LP.
So, 1.952682 LP is worth $18,622.99. To get the price of 1 LP, we divide $18,622.99 by 1.952682 and we get $9537.134.
1 LP was worth $9537.13 on December 7 at 11:08 AM UTC. Which is pretty darn close to 10:15 AM UTC.
Ok, let’s look at another example. For this one, we’re going to use REV/BNB. REV was a token used for two weeks on the Manor Farm, a yield farm on the Binance Smart Chain used as a launching pad for the Animal Farm. Let’s look for January 15th, 2022 at 3:00 PM UTC.
First step, get the contract address. Thankfully, the Manor Farm pages are still up:
Clicking on View Contract gives us:
Clicking on Token Tracker: Pancake LPs (Cake-LP) gives us:
Now, using the page scroll under transfers, we’re looking for January 15, 2022 at 3:00 PM.
There is an Add Liquidity event from 1/15/22 at 2:58 PM. I’ll take it:
0.3706638 BNB is paired with 1.8704434 REV to make 0.779307 REV-BNB LP tokens. I want to caution about the printed value of BNB. It says that there is $90.91 worth of BNB in that transaction. But, the value of BNB listed at the bottom is $494.66 per BNB. And the amount of BNB is 0.3706638.
$494.66 x 0.3706638 is $183.35, so we have to do a little more work to get that value.
For REV, we have two options. Option 1) We can assume the value of REV is equal to value of BNB. Option 2) We can look up the price of REV on PooCoin at that time (which was $98.1163 per REV at that time).
For REV, option 1 gives us $183.35. Option 2 gives us $183.51. As you can see, the values are nearly identical, so it would make sense to use Option 1.
So now we use the same formula: (Value token 1 + Value token 2) / # of LP Tokens.
($183.35 + $183.51) / 0.779307 LP = $470.7515 per 1 REV/BNB LP, which is the information we’re seeking.
As you can see, the information you need is out there. It’s not a one-step process, but it’s a process that can definitely be learned.
If you’re invested in crypto, especially yield farming, tax time is going to be stressful. I hope this guide helps you find some answers on a process for which there are, sadly, few resources.
Koinly is a great resource to help prepare your tax documents. If you are seeking a good site for doing your crypto DeFi taxes, I can highly recommend it. If you decide to use it, please use my referral link, as you will get $20 off. It finds most mainstream crypto prices for you, but will not find any LP token prices. This guide will help you find that.
Last comment: I do offer help in finding LP token prices. If you need help, leave me a response and we can talk about if that can happen. I’m not here to have a second career, but people have asked for this service in the past, and I’m willing to discuss it. Most of all, I just want people to understand this process and get the answers they need.
If you have found it helpful, please follow me on Medium, leave a clap, or leave a response! Better yet, do all three!
Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing
