How to do your Abstract taxes with Koinly
Abstract Chain is a zk-rollup Layer-2 on Ethereum designed to simplify Web3 for everyday users. But if you have Abstract transactions, you may have a tax bill. Koinly can help; you just need to import your transaction history from Abstract. Here's how it works.
Follow these steps to sync your Abstract chain data automatically to Koinly:
- Open your Abstract chain wallet app
- Locate and copy your public address or key
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Abstract chain in the list
- Select API > Paste the public address/key you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
FAQs
What is Abstract?
Abstract Chain (also known as Abstract) is a consumer-oriented Ethereum Layer-2 built as a zk-rollup using the zkSync stack and EigenDA, providing high security, low gas fees, and fast confirmations. Developed by Igloo Inc., the team behind Pudgy Penguins, it emphasizes chain abstraction, streamlining the user experience by hiding complexities like wallets, gas fees, and network switching. Fully EVM-compatible, it supports easy deployment of Ethereum smart contracts and features smart wallets, gas sponsoring via paymasters, and a unified Global Wallet for seamless multi-network use.
Is Abstract safe?
Abstract Chain is considered quite secure due to its architecture as a zk-rollup built on the zkSync stack and secured by Ethereum. Transactions are validated through zero-knowledge proofs, ensuring data integrity and resistance to censorship. By inheriting Ethereum’s security model and using audited, open-source infrastructure, Abstract provides strong protection for users. While it shares common Layer-2 considerations like sequencer fairness and contract safety, its design offers a high level of trustworthiness for both developers and everyday users.
Does Abstract provide tax documents?
No, Abstract doesn't provide users with tax documents. However, you can use a crypto tax calculator that supports Abstract (like Koinly). Just add your Abstract public address, and Koinly will import your transaction history and calculate your gains, losses, income, and more. At tax time, upgrade to a paid plan and download your tax documents.
