Harmony ONE Staking for Fun & Profit

12% rewards in just two steps

Photo by Levi XU on Unsplash

I really like what Harmony has going on. First, they promise to solve Ethereum scalability by providing a sharding protocol with a trustless bridge. They also advertise 2-second finality and near-$0 transaction fees.

Those are great, but it seems like a hundred projects are solving these same problems. Harmony has the tools to be successful, that’s for sure. So, I love that the top priority on their 2021 roadmap is adoption. I was also excited to see partnerships with Reef and API3 announced.

On top of all that, the Harmony ONE token was still priced at just $0.03. I noticed that Binance US had staking available, but it required a minimum of 10k tokens and paid just 2–3%. Still, I was in. I bought my 10k tokens, and I was happy.

A better rate

So there I was, gleefully earning my 2–3% when, hey — what’s this? A staking announcement from Harmony?

I could earn 12% by staking my ONE with Guarda? That’s more than a little better than what I was getting with Binance, so I needed to check this out.

The staking guide on Guarda’s site is very straightforward. It’s basically a two-step process: deposit funds & stake ’em. I grabbed some screenshots along the way, so I’ll show you what it looks like.

Staking tutorial

I didn’t have a Guarda wallet, so step one was to create one. Guarda is a non-custodial wallet. That means you’re in charge of the private keys, and if you lose them, you’re out of luck. When you create a wallet, you get a text file containing your encrypted private keys. Keep that file and your password in a secure place.

The default multi-currency wallet doesn’t have a ONE wallet, so you may need to use the Add new wallet link at add one. It’s a simple, intuitive process. If you do this, you’ll get a new wallet text file — again, back it up somewhere safe.