One way of compounding your income in crypto is by staking. With staking, you earn ROI for providing liquidity to a pool with Crypto & DeFi and NFTs.
Looking to start your staking journey with Frontier? This guide will show you how to earn up to 41% APR by staking $ONE token using Frontier.
Harmony ($ONE) is the native token governing the Harmony blockchain, an independent blockchain built to enable super-fast transactions on Ethereum. The Harmony protocol offers a two-way Ethereum bridge since it is an interoperable sharding network. Developers can easily build and scale decentralised applications on it because Harmony offers an advanced layer-2 scaling solution on the Ethereum network. With Harmony, developers can build solutions that allow for frictionless, cross-chain token swaps.
Harmony holders secure the network and participate in governance consensus using the $ONE token. In return, they earn rewards. Moreso, Harmony utilizes deep sharding which splits the network into different teams or “shards” with each shard working together to increase transaction efficiency. As a shared network, Harmony blockchain optimizes communications shared into little fragments and distributed using Kademlia routing.
As an EVM-compatible chain, Harmony has its own network standards similar to that of Ethereum’s ERC-20 and ERC-721 token standards. The Harmony token standard includes HRC-20 for cryptocurrencies and HRC-721 for non-fungible tokens.
If you own some $ONE token, you can start earning passive income through staking by using Frontier to access the several $ONE staking validators all from a single and mobile interface.
This guide shows you how to stake your $ONE assets and earn rewards according to the APR the staking validator offers. You will also learn practical steps on how to claim your staking rewards and finally how to unstake $ONE from any of the selected validator pools.
We assume you already have some $ONE tokens in your wallet for the staking. If not, you can load up your Harmony wallet on Frontier by: Switching to Harmony blockchain -> click "Receive" -> Copy wallet address or "Scan QR Code" -> Send $ONE tokens to your Harmony Wallet.
Click "Stake & Earn" -> Select Harmony (ONE) -> you will now see a list of validators -> choose your preferred validators -> enter the amount of $ONE tokens you wish to stake -> Click "Review"
Review your transaction -> click "Stake" -> enter your Frontier passcode -> the transaction gets submitted to the blockchain -> wait a few minutes and then refresh the home screen.
You've now successfully staked $ONE tokens! Your staked position will be displayed under "Positions" in the Harmony wallet screen.
You can un-bound your staked $ONE tokens from a validator but they will be locked up for 7 days before they're available for transfer. No rewards will be generated during the in-bounding period.
Click "Wallets" - > Select "Harmony" - > "Positions" - > "Unstake" - > Input quantity - > "Unstake" - > A dialogue box will appear on screen - > Click "Yes, - > "Unstake" Review transaction - > Click on "Unstake" - > Input confirmatory pin
Click on the "Positions" from the Harmony screen -> click on "unstake" button -> enter the amount of $ONE tokens you wish to unstake -> click "unstake"
Review your unstaking transaction -> click on "Unstake" -> enter your Frontier passcode -> your transaction is submitted to the blockchain.
You have successfully un-staked your $ONE tokens!
Note: The un-staking process has 7 days cool down period i.e you will get your $ONE token after 7 days after completing the unstaking process. Learn more about the un-staking here https://docs.harmony.one/home/network/delegator/staking/staking-faq
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