How to do your Mantle taxes
Mantle (MNT) is an Ethereum Layer 2 Blockchain designed to enhance Ethereum's scalability significantly. Employing a modular framework, it prioritizes low fees and robust security by employing Optimistic rollups to enable swift and cost-effective transactions. Whatever your MNT transactions, you'll need to figure out whether you have a tax bill. Koinly can help - here's how.
Follow these steps to sync your Mantle (MNT) data automatically to Koinly:
- Open your Mantle (MNT) 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 Mantle (MNT) 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!
The integration is currently only able to sync the L2 gas fee. L1 gas fee is not provided by the explorer, but will hopefully be added soon. This means that the gas fees will be underreported unless you add them manually
- 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 Mantle?
Mantle Network is an Ethereum Layer 2 Blockchain solution that utilizes Optimistic rollups and a separate data availability layer to enhance scalability. Its modular architecture distributes key blockchain functions across different layers, reducing transaction costs and improving network efficiency. Mantle's innovative approach combines off-chain transaction execution with on-chain settlement, facilitated by EigenDA technology for data availability.
How does Mantle work?
Mantle revolutionizes scalability through its innovative modular design, integrating Optimistic rollups with a dedicated data availability layer. Unlike traditional monolithic blockchains, Mantle distributes the four key blockchain functions across separate layers, enhancing efficiency. Transaction execution occurs on the EVM-compatible execution settlement layer, where Mantle's sequencer generates blocks for the L2 execution layer and forwards state root data to the main Ethereum blockchain for consensus and settlement functions. Crucially, Mantle employs EigenDA technology for data availability, storing callback data that would typically be broadcast to L1 in conventional rollups. This data availability layer, built on the EigenLayer, optimizes network performance and significantly reduces transaction costs compared to the base layer. By compartmentalizing functions and leveraging Optimistic rollups, Mantle minimizes the overall burden on network nodes while enhancing scalability and cost-effectiveness.
What is MNT?
MNT is the native token for the Mantle network and can be used to pay transaction or network fees. Like other cryptocurrencies, MNT can also be bought, traded, and sold.
Do I have to pay tax on my Mantle transactions?
Yes. Crypto is subject to tax in almost all countries in the world - and that includes your Mantle transactions. You'll generally pay Capital Gains Tax or Income Tax on crypto depending on the transaction. Learn more in our crypto tax guides.
How do I calculate my Mantle taxes?
The simplest way to calculate your Mantle gains, losses, income, and more is to use a crypto tax calculator like Koinly. With Koinly, just add your Mantle address and it'll automatically import your Mantle transaction history, calculate and categorize your profits, and generate your crypto tax reports.
