How to file your Mode taxes with Koinly
Mode is a Layer 2 DeFi solution within the Optimism ecosystem, aimed at promoting the growth of blockchain applications by providing rewards to developers and users. But your MODE transactions might be taxable. Don't worry, Koinly can help, here's how it works.
Follow these steps to sync your MODE data automatically to Koinly:
- Open your MODE 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 MODE 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 Mode?
Mode is a Modular DeFi Layer 2 platform built alongside Optimism, aimed at empowering developers and users to create and grow an ecosystem of high-quality applications with direct rewards for their contributions. It offers features like Sequencer Fee Sharing, developer airdrops, and access to Optimism's RPG Funding, all while providing significantly reduced fees through Optimism's Bedrock upgrade. Mode leverages the OP Stack to contribute to the growth of the Superchain ecosystem as a primary DeFi hub.
What are MODE tokens?
MODE tokens are the native utility tokens for the Mode ecosystem and are used for governance and rewards.
Do I have to pay tax on my Mode transactions?
Yes, If you're selling, trading, or earning MODE tokens, you'll have a potential tax bill. Depending on where you live crypto is subject to Capital Gains Tax or Income Tax. Learn more in our crypto tax guides.
How do I calculate my Mode taxes?
The easiest way to calculate your Mode taxes is with a crypto tax calculator like Koinly. Just add your address to Koinly and it'll import your Mode transaction history and calculate your taxes.