How to do your Dymension taxes with Koinly
Dymension is a modular blockchain network that enables scalable, customizable rollups with Cosmos interoperability, designed to power specialized applications like DeFi, gaming, and NFTs. But if you have DYM transactions, you might have a tax bill. Koinly can help. Here's how.
Follow these steps to sync your Dymension (DYM) data automatically to Koinly:
- Open your Dymension (DYM) 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 Dymension (DYM) 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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FAQs
What is Dymension?
Dymension is a modular blockchain built on the Cosmos SDK that serves as a hub for application-specific rollups called RollApps. It enables developers to easily launch scalable, customizable blockchains optimized for specific use cases like DeFi, gaming, or NFTs. By separating data availability (using networks like Celestia) from execution and leveraging Cosmos' IBC for interoperability, Dymension offers high performance and seamless cross-chain communication. Its native token, DYM, powers staking, governance, and network fees. Overall, Dymension aims to be the “Internet of RollApps,” combining the scalability of rollups with the flexibility and connectivity of Cosmos.
Is Dymension safe?
Dymension is built with security in mind, leveraging the Cosmos ecosystem’s proven technologies like the Inter-Blockchain Communication (IBC) protocol for secure cross-chain communication and modular data availability layers such as Celestia to ensure data integrity. Its native token, DYM, supports staking and governance, helping to secure the network through decentralized participation. While the core infrastructure is designed to be safe and robust, the overall security also depends on the individual RollApps built on the network, which may vary in quality and practices. As with any emerging blockchain project, it’s important for users and developers to stay informed and exercise due diligence.
Does Dymension provide tax documents?
No, but you can use a crypto tax calculator like Koinly to figure out your tax liability from your Dymension transactions and generate crypto tax reports. Simply add your Dymension wallet address, and Koinly will automatically import your transaction data.
