How to stake Harmony ONE
By: Dk Validator
Tags: Cryptocurrency, Harmony One, Staking Guide, Staking, Passive Income

How-to Stake Harmony ONE

Learn how to gain passive income and help decentralise the Harmony network by staking your ONE in this cryptocurrency staking guide.

What is staking?

In a blockchains using a proof-of-stake (PoS) consensus mechanism such as Harmony, stake is used as security towards confirming transactions. Validator nodes need a certain amount of the native cryptocurrency staked to be elected to join the consensus. A validator must put up at least 10,000 ONE as stake, and can also take stake from delegators. Delegating allows you to stake your ONE coins with a validator in return for a share of the block rewards, without having to run your own validator node.

On Harmony, staking with an elected validator can yield a 9–10% APR which is paid in ONE coins.

As a delegator the minimum stake is 100 ONE, the more you stake the greater the reward.

When staking your ONE with a validator your ONE coins still belong to you and are in your wallet, but they are locked. This means you cannot use your ONE while they are delegated but you can choose to un-delegate at any time to unlock your ONE.

There is a delay of 7 epochs between undelegating and your ONE coins being unlocked for use, but you can delegate to another validator the epoch after undelegating.

One epoch in the Harmony protocol is 32768 blocks which works out around 18 hours with a normal block time of 2 seconds. During times of increased network load this may take longer.

How do I stake ONE?

First you will need a Harmony staking compatible wallet.

How-to Stake Harmony ONE with a Google Chrome based browser

If using your Chrome based web browser to delegate your Harmony ONE coins, you have a choice of wallets:

Once your wallet is setup and loaded with ONE tokens head over to the Staking Dashboard and select a validator to delegate to.

You’ll need to sign in with your wallet before you can delegate:

You can choose more than one validator to stake with, so you can split your stake as much as you like as long as you stake the minimum 100 ONE per validator.

Note: Delegating, Undelegating and claiming rewards are all transactions on the blockchain which must be paid for with ONE coins; the transaction fee. So remember to leave some ONE in your wallet! Transaction fees are very low on Harmony. Leaving 1 ONE in your wallet will allow you to pay for thousands of transactions.

Claiming rewards

You’ll start earning rewards the epoch after you delegate. You might not see these rewards straight away as the dashboard only displays whole ONEs.

You can see a list of the validators you have staked with and your current rewards in the Portfolio section of the dashboard:

Claiming rewards is done all in one go, your rewards from all validators are put in a pot waiting for you to claim.

How often you claim is up to you, but seek tax advice in your location as in many places claiming rewards will be a taxable event.

How-to Stake Harmony ONE with a Smartphone

Currently the easiest way to stake is via the Blits wallet which is available for Android and iOS smart phones. With Blits you can buy and stake ONE directly from the wallet app:

Happy staking!

Dan