How to do your Berachain taxes with Koinly
Berachain is an EVM-compatible Layer 1 blockchain built on Cosmos SDK that's quickly grown in popularity thanks to its unique features and consensus mechanism. But if you have Berachain transactions, you may have a tax bill. Koinly can help, you just need to import your data. Here's how.
Follow these steps to sync your Berachain (BERA) data automatically to Koinly:
- Open your Berachain (BERA) 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 Berachain (BERA) 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!
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FAQs
What is Berachain?
Berachain is a high-performance, EVM-compatible Layer 1 blockchain built on the Cosmos SDK, using a unique Proof of Liquidity (PoL) consensus mechanism. Instead of traditional staking, validators stake liquidity provider (LP) tokens to secure the network, aligning liquidity incentives with network security. It features a tri-token model: BERA (gas token), HONEY (reward token), and BGT (governance token), creating a feedback loop between liquidity provision, governance, and network rewards. Berachain is fully compatible with Ethereum smart contracts while benefiting from Cosmos’s IBC for cross-chain compatibility.
Is Berachain safe?
Berachain appears to be fundamentally secure, leveraging the proven Cosmos SDK and EVM compatibility for a solid technical foundation. Its innovative Proof of Liquidity (PoL) consensus mechanism aligns network security with liquidity incentives, reducing the risk of validator misbehavior. However, PoL is untested at scale, introducing potential risks like liquidity concentration and governance manipulation. It inherits common EVM vulnerabilities (e.g., smart contract exploits) and could face issues with cross-chain security via IBC. While the design is promising and structurally sound, real-world performance and security will depend on how well the network scales and manages governance dynamics.
Does Berachain provide tax documents?
No, but you can use a crypto tax calculator like Koinly to calculate your gains, losses, income, and more from Berachain and generate your tax documents. Just add your Berachain address and Koinly will import your transaction data automatically.
