A Harmony Validator with an Auto Compounding Feature
The latest creation to come out of OpenSwap may just be our best to date. After weeks of work, it is very exciting to announce that Version 4 of our Validator is now live. With this update, OpenSwap gives it’s users even more flexibility with their rewards introducing the ability to auto-compound rewards into staked LP farms.
Auto-Compounding Rewards into Liquidity Pools
This update grants the user the ability to compound their delegated $ONE rewards directly into an OpenX LP and have it staked automatically! This exact process will happen every hour.
Let’s dive into the details. Our smart contracts will take 50% of the $ONE rewards generated and market purchase $OpenX. The smart contracts then use the other 50% of your $ONE rewards to purchase a token the end user selected on OpenSwap. The two tokens will be used to create LP tokens and automatically staked on the OpenSwap farm. That is a lot work from some amazing smart contracts!
Setup auto-compounding LPs
The OpenX Auto-Compound 20% APY validator is the only Harmony validator that allows you to auto-compound your rewards directing into staked LP farms. You must delegate $ONE tokens to this validator to have access to this feature. You can stake your $ONE tokens on the harmony staking site or through OpenSwap. To stake tokens, follow the guide here: https://docs.openswap.one/guide/staking-usdone/staking-usdone and stake with the OpenX Auto-Compound 20% APY . Or visit the Harmony Staking site:https://staking.harmony.one/validators/mainnet/one1j35d0vd4uzwffeawjjfukn8t9wjt8csungj0z0.
The following will walk you through setting up auto-compounding rewards:
STEP 1: Go to Openswap.one **Confirm your Harmony browser wallet is selected and connected to the site. Staking is not available with MetaMask at this time**
STEP 2: Click on ‘Farm’ in the menu
STEP 3: Click ‘Details’ on the ‘OpenX Auto-Compound 20% APY’
STEP 4: Click ‘Settings’
STEP 5: Under the ‘Set Compounding Farm’ area, find the farm you would like to have your rewards converted into and click ‘Select’
STEP 6: A popup will appear from the Harmony browser wallet.
STEP 7: Click ‘Confirm and Sign’.
By choosing a farm in the ‘Set Compounding Farm’ area, the smart contracts will automatically purchase the OpenX and other token selected, create the LP tokens, and stake it on the OpenSwap farm.
The LP pool that you selected will now have an ‘active’ designation.
Change the current LP auto-compounding selection
It is rather simple to change the current LP you are auto-compounding into. Navigate to the OpenX Auto-Compound 20% APY validator on the OpenSwap farm. Under the settings area, click the ‘Select’ button for the new OpenX LP you would like to receive and submit the transaction in your wallet.
If you determine you no longer want to auto-compound your rewards, click the ‘Reset’ button across from the ‘Set Compounding Farm’ area. This will change your wallet to produce the normal delegated rewards for the validator which is receiving OpenX.
Available LPs for auto-compounding
The following liquidity pools are available for auto-compounding:
OpenX / ONE
OpenX / BUSD
OpenX / MATIC
OpenX / BNB
OpenX / ADA
This is just the beginning; additional pools will be added in the future.
Set a different address to receiving rewards
Rewards can be set to a different address than the delegator’s address. To do this, just enter in the ETH wallet address and click set.
OpenSwap (app.openswap.one) is a fast and secure non-custodial decentralized exchange that serves as a one-stop-shop to buy, trade, and earn crypto whether you’re from the Harmony, Ethereum, or Binance Smart Chain networks. OpenSwap allows Harmony users to seamlessly trade peer to peer without the tokens ever leaving the original wallet and through liquidity supplied by other users of the platform. With OpenSwap, users can:
- Exchange Tokens/Coins
- Provide Liquidity to Pools
- Earn Rewards by Staking in Lucrative Incentivized Liquidity Pools
- View ‘Personal Farming Profile’ detailing your rewards including Total Stake Value, Average APR %, Total Current Rewards, and Total Current Rewards in USD
- Simplified Bridge for Tokens/Coins to and from the Harmony, Ethereum, and Binance Smart Chain Network
- Collect Fees on Provided Liquidity Without Staking
- Vote on Governance Decisions, Including Adding New Tokens