Does Optimism report to the IRS?

No. Optimism is a decentralized Layer 2 network and doesn't report user activity. However, exchanges you use (Coinbase, Kraken, etc.) do report, and the IRS can trace on-chain activity.

How do I calculate cost basis for the OP airdrop?

The cost basis is the fair market value at the time you claimed the airdrop. Most tax software handles this automatically by looking up historical prices.

Are bridge transactions taxable?

Bridging ETH from Ethereum to Optimism is generally not a taxable event since you're moving the same asset between networks. However, you should track the transaction for cost basis purposes.

What's the best crypto tax tool for Optimism?

Both CoinLedger and Koinly support Optimism. CoinLedger has better automatic bridge detection and merge tools. Koinly offers more total blockchain integrations.

Independent resource — not affiliated with OP Labs or the Optimism Foundation.

Optimism Tax Software Compared

Based on Optimism L2 support and user feedback from forums.

CoinLedger

Best for Optimism

✓ Automatic bridge detection — identifies ETH bridge transactions between Ethereum and Optimism
✓ Bridge merge tool — manually merge deposit/withdrawal pairs that aren't auto-detected
✓ Optimism DeFi coverage — Velodrome, Uniswap, Aave, Synthetix supported
− Some complex bridge routes may need manual classification

See pricing — use code CRYPTOTAX10 for 10% off.

Try CoinLedger →

Alternative: Koinly

✓ More total integrations (900+ platforms, 200+ blockchains)
✓ Better if you're active on many chains beyond Optimism
✓ Wallet-based cost tracking added in 2025
− Some integrations may have inconsistent transaction imports

See pricing — free preview available.

Try Koinly →

No tool is perfect — manual review is often needed for complex L2 bridging activity.

Optimism Tax Issues to Know

OP Airdrop

The OP token airdrop is taxable as ordinary income at the fair market value when claimed — even if you don't sell. This value becomes your cost basis for future sales. If you never reported it, the IRS may treat your cost basis as $0.

Bridge Transactions

Bridging ETH from Ethereum mainnet to Optimism is generally not taxable — you're moving the same asset. However, tax software may misclassify bridges as trades. Use CoinLedger's bridge merge tool or Koinly's transfer matching to fix this.

Velodrome & DeFi

Swaps on Velodrome, Uniswap, or other DEXs are taxable events. LP rewards and VELO emissions are taxable as income when received. Note: Velodrome merged with Aerodrome in late 2025 to form "Aero" — check that your tax tool tracks the transition correctly.

Superchain & Multi-L2 Activity

If you're active across the Superchain (Optimism, Base, Mode, etc.), ensure your tax software tracks all chains. Cross-chain bridges between Superchain networks may need manual classification.

FAQ

Does the Optimism network report to the IRS?

No. Optimism is a decentralized Layer 2 network and doesn't report user activity. However, centralized exchanges (Coinbase, Kraken, etc.) do report, and starting 2025, the IRS requires per-wallet cost basis tracking.

How is the OP airdrop taxed?

The OP airdrop is taxable as ordinary income at the fair market value when you claimed it. This value becomes your cost basis. If you later sell, you pay capital gains tax on any profit above that basis.

Are bridge transactions from Ethereum taxable?

Bridging ETH from Ethereum mainnet to Optimism is generally not a taxable event — you're moving the same asset between networks. However, you should track the transaction for cost basis continuity.

How are Velodrome LP rewards taxed?

Liquidity provider rewards and VELO emissions are taxable as ordinary income when received. The fair market value at receipt becomes your cost basis for future sales.

Sources

Last updated: February 2026