OpenSwap University 104: setting up a Harmony wallet and staking $ONE
Getting started in decentralized finance (DeFi) can be a challenge. To assist new members of the OpenSwap family, we have created a series of introductory how to articles. This article will guide you on setting up a wallet on Harmony, transferring ONE from a cex, and staking it on the Harmony Staking site.
Using the Harmony One Wallet
A crypto wallet is an application that provides a user interface for the blockchain. OpenSwap accepts 2 different wallets: MetaMask and the Harmony One wallet. This guide will discuss using the Harmony Wallet.
Setting up a wallet:
STEP 1: Using a search engine, search for ‘Harmony Chrome Extension Wallet’ download and install.
STEP 2: Open the Harmony Chrome Extension Wallet
STEP 3: Click ‘Create Account’
STEP 4: Enter an account name and click ‘Create’
STEP 5: Create a password and copy down the seed phrase. **Safety note: Please understand you should never share your seed phrase with anyone and store it in a safe place. If you lose your seed phrase, you may not be able to recover the funds in your wallet.
STEP 6: Enter in the seed phrase. You now have a wallet on the Harmony Chrome Extension Wallet.
STEP 7: Your wallet has now been created. You should see your Harmony address at this time. It will be located under the name of your account and start with ‘one’ as the prefix.
Transferring ONE from a Centralized Exchange
Now that you know your Harmony wallet address, we can start your DeFi journey and fill your wallet with $ONE. While the process is slightly different for each centralized exchange (cex), the information needed will be similar.
STEP 1: Access a Centralized Exchange (Binance, Kucoin, etc…)
STEP 2: Access your cex wallet
STEP 3: Click on Withdraw
STEP 4: Select Harmony One
STEP 5: Enter in your Harmony address, starting with ‘one’. Do not use your Ethereum address. See previous section regarding your Harmony address for your MetaMask wallet.
STEP 6: Select the network as Harmony.
STEP 7: Add the amount you would like to withdraw
STEP 8: Submit the withdraw
You should receive your $ONE tokens your wallet. If there is a delay receiving your tokens, it is likely on the end of the cex. One the transaction reaches the Harmony network, it will process in seconds.
Staking Harmony ONE
The term staking in crypto is used to designate that you are locking your tokens into a site, in return you will be rewarded. Harmony has their own staking site, https://staking.harmony.one/. You will need to stake your $ONE tokens to receive $ONE tokens as the reward. Each token has different rules about staking. In particular, pay attention to unlocking period; it is important to understand any unlocking period that may exist before you stake tokens. For Harmony, there is around a 5 day unlocking period (7 epochs referenced in Harmony’s documentation). The harmony network operates by using validators to support the network. You will need to choose which validator to use. OpenSwap has a validator node that is discussed in detail below. **At the time of this writing, the minimum staking amount is 100 $ONE.
STEP 1: Go to https://staking.harmony.one/ .
STEP 2: Click ‘Sign in’ in the lower right corner
STEP 3: Click ‘Use Existing Address’
STEP 4: Click ‘Use Harmony One Wallet’
STEP 5: Click ‘Sign In’
STEP 6: A popup will appear asking if you want to grant your wallet access to the staking site. Click on the wallet address and Click ‘Accept’
STEP 7: At this time, you need to decide which validator to choose. The section below will discuss the OpenSwap Validator. Once you decide, click on the validator name.
Step 8: Click ‘Delegate’
Step 9: Enter the amount of $ONE to stake
STEP 10: Click ‘Next’
STEP 11: Click ‘Confirm and Sign’
STEP 12: You will need to confirm that transaction in your wallet. Click ‘Approve’.
You have now staked your Harmony $ONE and are earning rewards.
OpenX Node 20% APY: where earning up to 20% APY begins
Lets take a brief moment to explain how the OpenSwap validator will produce a 20% APY return. When $ONE rewards are created, the rewards issued will automatically be swapped for OpenX tokens at market price. The token swap occurs every 30 minutes; these tokens will then be sent to the corresponding wallet of the delegator. The OpenX tokens are converted and sent in a single tx to all the delegators based on their stake weight. This is the same way it is handled on a normal validator.
Additionally, bonus rewards are distributed to the delegators for this validator. This serves as a thank you for helping secure the Harmony network with OpenSwap. It is these rewards that increase the APY percentage to our 20% APY goal.
Adding OpenX to you wallet
When adding new tokens to your wallet, you may need to import the token details. It is important to note wallets are just an interface for the blockchain. If you don’t import the token details, your tokens will still exist on the blockchain but may not appear in your wallet. Adding OpenX so it is visible is the next step.
STEP 1: Enter your Harmony Wallet
STEP 2: Click on ‘HRC20’
STEP 3: In the ‘Token Contract Address’ enter in the OpenX address (0x01A4b054110d57069c1658AFBC46730529A3E326).
STEP 4: Click ‘Add Custom Token’ button.
Please check out our OpenSwap University articles for additional introductory user guides. https://docs.openswap.one/information/openswap-university
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