Users can now earn staking rewards and help secure the network by delegating their ONE tokens on Harmony.
Stake DAO, a multi-service cross chain DeFi platform that enables users to easily grow their crypto portfolio within one intuitive dashboard. One of the key features we offer to our users is Staking as a service, allowing people to delegate their token directly from our UI.
Today we are excited to kick off our partnership with Harmony with our ONE Staking as a Service solution.
This expansion allows users to delegate (and stake) their ONE on Stake DAO and immediately begin earning staking rewards.
What is staking?
Staking is the process of locking up tokens on a Proof of Stake (PoS) platform to support the network’s security while receiving a reward in return. Token holders who stake are awarded extra tokens in return for the service they provide. Once the staking period ends, token holders not only keep their original tokens but also pocket extra gains by holding those tokens (aka staking). In some cases, platforms incentivize locking up tokens for a fixed period of time.
The returns vary depending on the token and the market, but they are usually higher than those you get from traditional finance institutions.
What is ONE?
ONE is the native token of the Harmony platform and is used to secure the platform through staking, pay for fees, and provide a basic unit of account.
Learn more about Harmony here.
To delegate ONE on Stake DAO using a Ledger Nano S, ONE Wallet and Math Wallet, please follow the tutorials below.
How to delegate your ONE through Stake DAO:
Head to the staking tab on Stake DAO, choose the Harmony validator
You will be on the Stake DAO validator profile. Click on the “Delegate” button to delegate to this validator.
Enter the desired delegation amount or scroll the percentage slider in the pop-up Delegate window. Delegation must be at least 100 ONE. Click on “Next” and confirm the signature request.
Different wallets use different ways to confirm signature requests. Please check here for details.
Once transaction is signed, Delegate window will pop-up on the staking dashboard and display the transaction status.
Congratulations, your ONE tokens are now delegated to our validator and will start earning rewards!
Useful Links
- The website 🔗 https://www.harmony.one/ contains more information about the project.
- GitHub 🔗 https://github.com/harmony-one/harmony
About Harmony
Harmony is a Proof-of-Stake blockchain built for high throughput applications and EVM compatibility via a two-way bridge. Founded in 2018, Harmony utilizes a new consensus mechanism named Effective Proof-of-Stake, allowing users to stake independently or delegate to validators.
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