How to do your Milkomeda taxes with Koinly
Milkomeda is a Layer-2 protocol designed to enhance interoperability by bringing EVM capabilities to non-EVM blockchains like Cardano. But if you have Milkomeda transactions, you may have a tax bill. Connect to Koinly to calculate your Milkomeda easily.
Follow these steps to sync your Milkomeda C1 (mADA) data automatically to Koinly:
- Open your Milkomeda C1 (mADA) 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 Milkomeda C1 (mADA) 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
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- Contact us on email or live chat
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FAQs
What is Milkomeda?
Milkomeda is a Layer 2 protocol that brings Ethereum Virtual Machine (EVM) compatibility to non-EVM blockchains like Cardano and Algorand, allowing developers to deploy Solidity-based smart contracts on these networks. It enhances cross-chain interoperability, enabling the transfer of assets and decentralized applications across different blockchains. Milkomeda uses wrapped assets like MilkADA and MilkAlgo for transactions and plans to introduce decentralized governance through a DAO. This expands the utility of non-EVM blockchains and improves liquidity and user engagement.
Is Milkomeda safe?
Milkomeda has undergone security audits, including one by Arbitrary Execution in early 2022, which identified 17 issues; 11 were resolved, one was deemed a non-issue, and five remained open for further review. Its smart contracts have also undergone formal verification to improve security. While these steps enhance Milkomeda's safety, no system is completely risk-free, so users should exercise caution and follow best practices to ensure the safety of their assets.
Does Milkomeda provide tax documents?
No, but you can use a crypto tax calculator like Koinly to get your Milkomeda taxes calculated and your tax documents generated. Just add your Milkomeda address, and Koinly will import your transaction data and generate your tax reports. Please note that at the time of writing, Koinly only supports Milkomeda for Cardano, not Algorand.
