How to do your Sonic taxes with Koinly
Formerly Fantom (FTM), Sonic (S) is the new and improved version of the popular blockchain with faster transactions, lower fees, and improved scalability. Whatever your Sonic transactions though, you'll need to calculate your tax liability. Here's how.
Follow these steps to sync your Sonic (S) data automatically to Koinly:
- Open your Sonic (S) 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 Sonic (S) 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 Sonic?
Sonic is a high-performance Layer 1 blockchain compatible with the Ethereum Virtual Machine (EVM), designed to support decentralized applications in areas like DeFi, NFTs, and GameFi. It offers transaction speeds of up to 10,000 transactions per second (TPS) with sub-second finality, ensuring rapid and efficient processing. The network's native token, S, is utilized for transaction fees, staking, and governance, allowing holders to participate in decision-making processes. Sonic also features a unique Fee Monetization program, enabling developers to earn up to 90% of the fees generated by their applications, thereby fostering innovation and growth within its ecosystem.
Why did Fantom change to Sonic?
Fantom rebranded to Sonic to enhance its platform's scalability, speed, and user experience. The new Sonic blockchain processes over 10,000 transactions per second with sub-second finality, significantly improving upon Fantom's previous capabilities. Additionally, Sonic offers better integration with the Ethereum network, providing users and developers with access to Ethereum applications and services while benefiting from Sonic's enhanced performance.
Is Sonic safe?
Sonic, the rebranded Fantom blockchain, is designed for speed and security, offering over 10,000 TPS with sub-second finality. It remains EVM-compatible, inheriting Ethereum’s smart contract risks, and while Fantom had a strong security track record, Sonic’s new features are still being tested. Its decentralization and governance structures are evolving, and while no major vulnerabilities have been reported, users should exercise caution, use secure wallets, and verify smart contract interactions.
Does Sonic provide tax documents?
No, but you can use a crypto tax calculator like Koinly to get your Sonic taxes calculated and your tax documents generated. Just add your Sonic address and Koinly will automatically import your transaction data, calculate your profits, and generate your tax documents.
