How to do your PulseChain taxes
What is PulseChain?
PulseChain is a layer-1 blockchain, aiming to take on Ethereum with a more scalable network and cheaper transactions. The blockchain's native currency is PLS, a token used to pay fees, activate validators, and bridge to other chains. PulseChain also launched a decentralized exchange, PulseX, where users can swap tokens and NFTs on the PulseChain network - including the popular cryptocurrency HEX.
Follow these steps to sync your Pulsechain (PLS) data automatically to Koinly:
- Open your Pulsechain (PLS) wallet app
- Locate and copy your public address or key
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Pulsechain (PLS) 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!
- Some pre-fork balances may be missing. If you notice this, then you should add these forks manually
- Some recent transactions may be missing due to the explorer not having indexed them. If you encounter this issue, you can try to resync your wallet from the beginning a few days later (see this article for more info)
How to find your PulseChain public address
To connect PulseChain to Koinly, you need your public address. The exact steps for this will vary depending on your wallet. You'll find easy to follow steps on how to get your PulseChain public address for hundreds of wallets here, but generally speaking, it's as simple as:
Log in to your wallet
Select the PulseChain (PLS) blockchain
Copy your public address
Don't forget, in order for Koinly to calculate your crypto taxes correctly you’ll need to add your public address from every wallet you use to interact with PulseChain.
Your frequently asked questions
Who founded PulseChain?
Richard Heart founded PulseChain, as well as the HEX cryptocurrency. Heart is a controversial figure in the crypto space, with both a loyal following and prominent critics.
Can I buy PulseChain?
Now PulseChain is live, you can buy PLS tokens with other cryptos on centralized exchanges like OKX, as well as trade other tokens for PLS using decentralized exchange PulseX.
How much is 1 PulseChain worth?
Cryptocurrency prices vary minute by minute, so you should use price aggregators like CoinMarketCap to check for the most up-to-date PLS prices. At the time of writing, 1 PLS is worth $0.0001005.
Is PulseChain legitimate?
PulseChain is a controversial project. Some critics believe the project has made misleading claims about its advantages over Ethereum, while others criticized the initial "sacrifice" investors had to make in order to participate in the PulseChain and PulseX ICO/IEO. Since PulseChain's launch in May 2023, the system has faced some technical issues including a wrapped BTC price spike, high fees, and a bug that left liquidity providers out of pocket according to Protos. All this said PulseChain has an active and positive community still backing it. As with any other cryptocurrency, you should always DYOR and only ever invest what you can afford to lose.
Is HEX on PulseChain?
Yes. HEX is on PulseChain. You can trade HEX tokens for other PulseChain tokens on PulseX.
How are PulseChain transactions taxed?
It very much depends on where you live, so check out our crypto tax guides for more info in your country. Generally speaking though, anytime you sell, swap, or spend crypto and make a gain, you'll pay Capital Gains Tax on that gain. As well as this, earning new tokens - like staking rewards - may be viewed as income and subject to Income Tax.
Do I pay tax on PulseChain airdrops?
Yes, you might need to pay tax on your PulseChain airdrop. Many tax offices have taken the view that airdrops are a kind of additional income and therefore subject to Income Tax based on the fair market value in your fiat currency at the time of receipt. Learn more about crypto airdrops taxes.
How do I get a PulseChain tax report?
The easiest way to get a PulseChain tax report is to connect to a crypto tax calculator like Koinly. Koinly can calculate your gains, losses, and income from crypto investments for you, and generate your crypto tax report.
How do I export my PulseChain transaction history?
Depending on the wallet you're using, you may be able to export a CSV file of your PulseChain transaction history. You can find instructions on exporting CSV files for a number of popular wallets on our site. Don't worry if you can export a CSV file of your PulseChain transaction history, you can always connect to Koinly automatically using your PulseChain public address.