How to do your Band (BAND) taxes with Koinly
Band (BAND) protocol is a bridge between real-world data and decentralized applications (dApps).
If you're using Band (BAND), you may need to pay tax. By syncing your Band (BAND) data with Koinly, it can calculate your crypto taxes. Here's how to import it.
Follow these steps to sync your Band (BAND) data automatically to Koinly:
- Open your Band (BAND) 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 Band (BAND) 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!
Please note that transaction history imported via this integration may be incomplete due to API limitations. NFT transactions, liquidity operations, and older activity may require manual entry to ensure full accuracy.
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FAQs
What is Band (BAND)?
Band (BAND) protocol has its own public blockchain, BandChain, built on top of the Cosmos SDK. Its purpose is to connect to real-world, off-chain information, acting as a bridge, so that smart contracts have access to real-world data (e.g., the price of gold). Developers can submit a request for data for their dApps and stakeholders on BandChain validate the data.
Is Band (BAND) safe?
As Band (BAND) imports data from external data sources, there is a concern about its security, but it has measures in place to address this. It aggregates data from multiple sources and requires validators to have a number of BAND tokens staked to them, which are slashed if the validator fails to maintain accuracy. This is used to incentivise validators to remain consistent and avoid manipulation. Band also allows dApps that access the data to set their own security conditions. As always, it's best to DOYR around best security practices so you can help keep your assets safe.
Does Band (BAND) provide tax documents?
No, Band doesn't provide tax documents. However, you can use a tax calculator like Koinly to calculate your crypto taxes and produce complete tax reports, just by importing your read-only Band data.
