How to stake Harmony (ONE) with Blits Wallet
The Harmony blockchain allows you to stake ONE tokens and receive up to 9–10% per annum. To do so, you need to delegate the cryptocurrency to validators who act as node operators and add new blocks to the network. This guide will show you how to stake ONE tokens using the mobile Blits Wallet.
A brief review of Blits Wallet
The Blits Wallet is a simple non-custodial crypto wallet that combines DeFi and CeFi features. This means that you can use both the decentralized wallet for storing, transferring and staking cryptocurrencies, and centralized services such as crypto loans.
The wallet is easy to use and supports multiple blockchains in the app: Ethereum (ETH), Harmony (ONE), Binance Smart Chain (BSC) with Binance Coin (BNB), and Horizon Bridge — the bridge between ETH and ONE cryptocurrencies. The developers have focused on interoperability of DeFi and CeFi services to pave the way for the implementation of a decentralized economy (DeEco).
Blits Wallet users can create their own BEP-20 on the Binance Smart Chain blockchain and HRC-20 tokens on the Harmony blockchain, as well as add and store NFT in the wallet. The Blits Wallet app supports fast sending of cryptocurrencies and tokens via contacts in the address book. Thanks to this, you don’t need to enter complex addresses every time — you can select a contact from the list and send them coins.
Now we will describe to you how to create a Blits Wallet, replenish it and stake Harmony tokens.
1. Create a wallet
After installation, launch the application and on the main screen, click Create Wallet. Later on, you can recover the wallet using the seed phrase using the Recover Wallet option.
Create a PIN code to protect the wallet from unauthorized access in case you lose the device or in case it falls into the hands of intruders.
Wait while the wallet is being created. This may take a few minutes.
Once the wallet is ready, the image illustrated below will be displayed. You can set up the fingerprint login feature for quick wallet authorization by clicking Use Fingerprint, or skip this step.
The wallet is created!
Now set the backup on your wallet to highly secure your crypto assets.
Write down the recovery phrase. If your phone gets lost or stolen, you will be able to restore your wallet using this phrase. Do not make a screenshot. It is recommended to write down the phrase on a paper.
Then, put the words by order as they were located on a previous step and confirm.
Backup setting is done!
The wallet is ready to use.
Enter the PIN to unblock the wallet. You will need to enter it every time the wallet becomes inactive: for example, when you minimize the screen or switch to another application.
You have created the wallet. This is what the Blits Wallet interface looks like. Now you need to add funds to it.
2. Funding a wallet
To add funds to the wallet, just click on the Receive button.
A QR code with the wallet address will be displayed. Replenish the wallet in any convenient way.
Note. The minimum staking amount is 100 ONE. But send a little more to the wallet (1 ONE will cover about 100 transactions fees) so that you can pay for transactions in the wallet: for sending, staking, unstaking and withdrawing rewards.
The wallet has been replenished. Let’s now try to stake coins.
3. Staking ONE
Here, too, the process is straightforward. Click on the Staking button on the main screen of the crypto wallet.
A list of validators will open. Find the validator you need. To speed up the search process, enter the name of the validator in the search bar, for example, Everstake. As soon as the required validator appears in the list, you will see the staking conditions that it offers. If everything suits you, click on the selected validator.
We get to the section where we can delegate, as well as unstake tokens when we decide to do so. The minimum amount for staking is 100 ONE. Please keep at least 1 ONE liquid at your account to pay for transactions fees. This should be enough to cover ≈100 transactions (with the regular fee of 0.01 ONE per trx). An unstake period is 7 epochs after delegation (≈5–6 daysdays). Click Delegate to start staking.
Enter the amount of ONE coins for staking. Then click Delegate.
Enter the PIN-code from the wallet to confirm the payment.
Done. You have successfully staked Harmony coins and will receive rewards each epoch. However, the rewards won’t be re-staked automatically — you will need to claim them manually. Compounding of rewards (adding to a stake) is possible once you’ve collected a minimum staking amount. You can view the details of the transaction by clicking View Tx Details.
To view and track the staking status, open the Staking section again and then click the Portfolio button located in the upper right corner, as shown in the picture.
A section of the crypto portfolio will open where you can find out in what state your coins are in (staked or waiting for an unstake), as well as the amount of accrued rewards.
4. Unstaking ONE
To unstake your tokens, go to the same Staking section and select the validator.
Remember: Undelegating ONE takes 5–6 days to return to your wallet.
Mention the amount you want to undelegate.
Now, click Undelegate.
Your transaction has been successfully sent. In the given step, you can go back to the wallet, or either View Tx Details and check its progress.
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