How to do your Blast taxes with Koinly
Blast, an Ethereum Layer-2 platform by the creators of Blur NFT marketplace, offers native yield in ETH, USDC, USDT, and DAI to users and contributors. But if you're earning crypto, you'll have a tax bill. Don't worry, Koinly can help - here's how.
Follow these steps to sync your Blast data automatically to Koinly:
- Open your Blast 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 Blast 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 Blast?
Blast is an emerging EVM-equivalent optimistic rollup on Ethereum that provides native yields for both ETH and stablecoins (USDC, USDT, DAI) to depositors.
How does Blast work?
Blast operates by offering a 4% interest rate for ETH and a 5% interest rate for stablecoins like USDT, USDC, and DAI deposited on its network. The interest is compounded, meaning it applies to the current balance, not just the initial one. This native yield is powered by rebasing tokens and is based on the Risk-free Interest Rate (RFR) yield structure. Blast salvages passive losses on assets by staking them, utilizing Ethereum's liquid staking and routing stablecoins to protocols like MakerDAO's T-bill. Users receive rebasing tokens for ETH and USDB for stablecoins, which accumulate profits over time. The community will have a say in selecting protocols when the DAO goes live.
What are BLAST tokens?
BLAST tokens are a kind of reward token, designed to reward user engagement and encourage platform growth. It's expected that BLAST tokens will be airdropped to specific users in May 2024. 50% of BLAST tokens will go to early adopters of the platform, while the remaining 50% are reserved for developers.
Do I have to pay tax on my Blast transactions?
Yes. If you're earning crypto - like through yield farming - you'll likely have a tax bill. Crypto is taxed around the world, although the specific rules vary depending on where you live. Learn more in our crypto tax guides.
How do I calculate my Blast taxes?
The easiest way to calculate your Blast taxes is with a crypto tax calculator like Koinly. All you need to do is add your public address and Koinly will automatically import your transaction history and calculate your gains, losses, income, and more.
