How to do your World Chain taxes with Koinly
World Chain is a layer-2 chain built on OP Stack that utilizes World ID to verify users. But if you have WORLD transactions, you may have a tax bill. Koinly can help you calculate your gains, losses, income, and more from World Chain; all you need to do is import your transaction history. Here's how.
Follow these steps to sync your World Chain data automatically to Koinly:
- Open your World Chain 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 World Chain 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 World Chain?
World Chain is a human-focused Layer-2 blockchain built by World (formerly Worldcoin) on the OP Stack as part of the Optimism Superchain. It integrates with World ID to verify real individuals, enabling Sybil-resistant applications and offering benefits like free or subsidized gas fees and priority blockspace for verified users. Launched in October 2024, itâs fully EVM-compatible, secured by Ethereum, and designed to make dApps more accessible and bot-free.
Is World Chain safe?
World Chain is generally considered to be relatively secure due to its foundation on the Ethereum-secured OP Stack, audited infrastructure, and fraud-proof mechanisms, with ongoing improvements like zk-validity proofs for enhanced trust. However, it currently relies on a centralized sequencer, which introduces risks such as potential censorship or downtime. While this setup is common among newer Layer-2 networks, World Chain plans to decentralize its sequencer in the future.
Does World Chain provide tax documents?
No, World Chain does not provide tax documents, but you can use a crypto tax calculator that supports World Chain (like Koinly) to get your tax documents. Just add your World Chain address, and Koinly will automatically import your transaction history and calculate your gains, losses, income, and more. When you need your tax documents, just upgrade to a paid plan to download them.
