How to do your Milkomeda taxes with Koinly
Milkomeda is a Layer-2 protocol designed to enhance interoperability by bringing EVM capabilities to non-EVM blockchains like Cardano. But if you have Milkomeda transactions, you may have a tax bill. Connect to Koinly to calculate your Milkomeda easily.
Follow these steps to download your Milkomeda C1 (mADA) data:
- For blockchains, it is usually best to sync your data through the auto-sync integration. If this is not an option for you, you can also import a CSV file.
- Open up your favorite block explorer for Milkomeda C1 (mADA)
- Search for your public address
- Find an export button (usually at the top or bottom of your transaction history)
- Download a CSV file with your transaction history. You may need to download multiple files if the explorer does not include all transaction types in a single file
- Koinly supports the CSV formats from a lot of different explorers but some formats are not supported. If your file does not import directly into Koinly, you will need to change the headers of the file to match one of our custom formats
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Milkomeda C1 (mADA) in the list
- Click on it and select "File import" in the import options screen
- Upload the files you downloaded from Milkomeda C1 (mADA) (one at a time) and click on Import
- 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!
Milkomeda shut down and there's no way to sync transactions via API anymore.
- 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 Milkomeda?
Milkomeda is a Layer 2 protocol that brings Ethereum Virtual Machine (EVM) compatibility to non-EVM blockchains like Cardano and Algorand, allowing developers to deploy Solidity-based smart contracts on these networks. It enhances cross-chain interoperability, enabling the transfer of assets and decentralized applications across different blockchains. Milkomeda uses wrapped assets like MilkADA and MilkAlgo for transactions and plans to introduce decentralized governance through a DAO. This expands the utility of non-EVM blockchains and improves liquidity and user engagement.
Is Milkomeda safe?
Milkomeda has undergone security audits, including one by Arbitrary Execution in early 2022, which identified 17 issues; 11 were resolved, one was deemed a non-issue, and five remained open for further review. Its smart contracts have also undergone formal verification to improve security. While these steps enhance Milkomeda's safety, no system is completely risk-free, so users should exercise caution and follow best practices to ensure the safety of their assets.
Does Milkomeda provide tax documents?
No, but you can use a crypto tax calculator like Koinly to get your Milkomeda taxes calculated and your tax documents generated. Just add your Milkomeda address, and Koinly will import your transaction data and generate your tax reports. Please note that at the time of writing, Koinly only supports Milkomeda for Cardano, not Algorand.
