How to file your Derive taxes with Koinly
Derive is a layer 2 Ethereum-compataible blockchain built on OP Stack that supports decentralized derivatives trading through the Derive protocol including products like options and perpetual contracts. But if you have Derive transactions. You might have a tax bill. Koinly can help, here's how.
Follow these steps to sync your Derive data automatically to Koinly:
- Open your Derive 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 Derive 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 Derive blockchain?
The Derive blockchain is a Layer 2 blockchain platform built on the OP Stack, designed to enhance performance, scalability, and cost efficiency. It supports decentralized derivatives trading through the Derive Protocol, enabling products like options and perpetual contracts. The blockchain is Ethereum-compatible, offering high-speed, low-cost transactions and an institutional-grade matching engine to support complex financial products.
DRV, its native token, serves as a governance and utility asset within the ecosystem, used for transaction fees, staking rewards, and DAO governance. With its focus on transparency, sustainability, and risk management tools, Derive Blockchain aims to revolutionize the decentralized finance (DeFi) landscape. The platform also benefits from partnerships with platforms like Optimism, further enhancing its infrastructure for global derivatives trading.
Do I have to pay tax on my Derive transactions?
Yes, profits from cryptocurrency derivatives are typically subject to Capital Gains Tax or Income Tax, depending on your location and the nature of your transactions. For more info, read our crypto tax guides.
How do I calculate my Derive taxes?
The simplest way to calculate your Derive taxes is with Koinly. Simply add your public address, and Koinly will automatically import your Derive transaction data and calculate your taxes for you.
