How to do your Fraxtal (FRAX) taxes with Koinly
Fraxtal (FRAX) is a layer 2 blockchain and EVM equivalent rollup that features smart contract capability, Flox rewards and other unique features. But your FRAX transactions might come with a tax bill. Don't worry, Koinly can help. Here's how.
Follow these steps to sync your Fraxtal (FRAX) data automatically to Koinly:
- Open your Fraxtal (FRAX) 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 Fraxtal (FRAX) 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 Fraxtal?
Fraxtal is a modular rollup blockchain (Layer 2) with a unique "fractal scaling" roadmap, designed to enhance scalability and interoperability. It is EVM-equivalent, utilizing the OP stack for its smart contract platform and execution environment, offering fast, secure, and cost-effective deployment similar to Ethereum rollups like Optimism and Base. Fraxtal features modular components and middleware for integration with other chains and networks, and employs a separate data availability module developed by the Frax Core Team. It introduces blockspace incentives (Flox) that reward users and developers for gas usage and smart contract interactions with FXTL points, which can be converted into tokens, allowing users and developers to earn more than their gas expenditure. The native gas token is Frax Ether (frxETH), issued by Frax Finance.
What are FRAX tokens?
FRAX is a crypto-collateralized stablecoin, pegged to the US dollar.
Do I have to pay tax on my Fraxtal transactions?
Yes. Crypto - including FRAX - is taxable. Tax varies depending on the rules where you live, but crypto is generally subject to Capital Gains Tax or Income Tax - or both! Learn more in our crypto tax guides.
How do I calculate my Fraxtal taxes?
The easiest way to calculate your Fraxtal taxes is with a crypto tax calculator like Koinly. With Koinly, just add your public address and it'll automatically import your transaction history and calculate your gains, losses, income, and more.
