Maximizing Your Harmony ONE Staking: Earn 12% Rewards Easily
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Chapter 1: Understanding Harmony ONE
Harmony ONE has a compelling proposition. The project aims to tackle Ethereum's scalability issues through a unique sharding protocol paired with a trustless bridge. It also boasts incredibly quick transaction finality of just two seconds and minimal fees that are nearly negligible. While many projects are attempting to address similar challenges, Harmony possesses the necessary tools to thrive. It’s particularly exciting to note that their primary focus for 2021 is on increasing user adoption, with key partnerships, such as those with Reef and API3, recently unveiled.
At the time, I noticed the Harmony ONE token was available for only $0.03. Although Binance US offered staking, it required a minimum of 10,000 tokens and offered a modest return of 2–3%. I decided to invest and purchased my tokens without hesitation.
Section 1.1: Discovering Better Staking Options
To my delight, shortly after purchasing, Harmony announced a staking option that promised 12% rewards through the Guarda wallet. This was significantly more attractive than my current rate on Binance, so I was eager to explore this opportunity.
The video titled How To Stake Harmony ONE on Metamask - Staking Tutorial provides a comprehensive tutorial on how to effectively stake your Harmony tokens. It clearly outlines the steps needed to get started.
Subsection 1.1.1: Setting Up a Guarda Wallet
I didn’t have a Guarda wallet yet, so my first step was to create one. Guarda is a non-custodial wallet, meaning you have complete control over your private keys. Losing them would mean losing access to your funds. Upon creating the wallet, I received a text file with my encrypted private keys, which I made sure to store securely.
The default multi-currency wallet does not include a wallet for ONE, so I had to add one using the "Add new wallet" option. This straightforward process also generated a new text file that needed to be backed up.
Section 1.2: Funding Your Wallet
Once my ONE wallet was set up, I was ready to deposit funds. I clicked on my wallet, copied the wallet address, and sent my ONE tokens from Binance. This was my first experience with transferring tokens on the Harmony blockchain, and I found it to be impressively fast.
I confirmed my withdrawal with Binance, and by the time I refreshed my Guarda wallet, the tokens had arrived—an experience worth the negligible transaction fee.
Chapter 2: Staking Your Harmony ONE Tokens
With funds now in my Guarda wallet, I began the staking process. I clicked on the Staking link beneath the wallet, followed by the Stake button, which prompted me to enter the amount of tokens I wanted to stake. The minimum requirement was 1,000 ONE. After confirming the quantity, I reached a confirmation screen.
The video titled How To Stake Harmony ONE Crypto For Compounding Yields! Complete Guide 2022 walks viewers through the entire staking process, ensuring you know what to expect.
I noticed another small transaction fee of 0.000021 ONE, which was trivial. However, it's essential to retain enough funds to cover these minor fees, so I chose to leave 5 ONE, valued at about $0.15, in my wallet.
After clicking the Confirm button, my tokens were officially staked! Now, whenever I check the Staking link under my ONE wallet, I can see details about my staked tokens and the rewards I’ve earned.
Conclusion
I’m thrilled I discovered the staking options offered by Harmony and Guarda Wallet. The entire process of transferring funds from Binance to my Guarda wallet and staking my ONE tokens was seamless. Given Ethereum's typical slow and costly transactions, my experience was refreshingly positive!
In just a few minutes, my enthusiasm for Harmony has grown, and I’m now enjoying a return rate that is 5–6 times higher than before! It truly feels like a fantastic outcome for all involved.