Greeting to our dear community members!
We have an exciting update for you! As a fast-growing Staking as a Services platform that makes Staking more accessible for everybody, we want to inform you that our partnership with Harmony will enter a new phase and enable users to join the new Open Staking Harmony $ONE in our platform.
So, what is Harmony’s new Tokenomics?
The main difference is through this new token, it will reach a higher staking ratio, simplify the model, and bring a long-term benefit for Harmony. A higher staking ratio is beneficial for two reasons. First, the staking ratio is a barometer for the health of a PoS chain. It also indicates that they are committed to the project for the long term. Secondly, it also creates organic demand for the ONE token.
Harmony’s new and simplified model is also advantageous as the more understandable the model is, the easier it is to spread. It becomes easy for validators to project their future rewards and it becomes easy for token holders to project future circulating supply. This certainty assures the protocol of a stable economic base for their stakeholders to rely on.
The old model also had a variable issuance. For example, when the percentage of tokens staked increased, the annual issuance decreased – from 500M at 0% to 0 ONE at or above 80%. With the new model’s constant issuance of 441M, the reward is slightly smaller at staking ratios of less than 10% but significantly higher at higher staking ratios greater than 10%. Which means that there are more rewards for stakers and validators. The yields range that can be earned is between 164% (at 5% staked) to 9% (at 95% staked) in the first year and 73% (at 5% staked) to 4% (at 95% staked) in the third year.
There is also another difference in terms of staking with Harmony One. Harmony One introduces a new staking mechanism called Effective Proof-of-Stake (EPoS) that designed to solve issues such as repeated bidding and requirement of validating while still maintaining the decentralization aspect of the blockchain.
In terms of delegation, token holders can freely choose one or more validators to delegate their tokens based on their commission rate, uptime and their position in the rank. With these updates and design features, Harmony will enhance its goals of supporting delegation and compounding stake while preserving decentralization.
How to Stake Your $ONE?
As one of the validators, we welcome all Harmony ONE stakers to join Open Staking on our platform and start earning today. There are 2 methods if you want to stake your $ONE with us:
- Join staking on the Honest Mining website.
You can join staking on our website with a minimum 1,000 ONE for 1 seat. Read How to Start Staking? if you need more guidance.
- Join staking directly using your own $ONE wallet
You can join staking on the Honest Mining validator link below. It’s easy you only need to click on the link then click on the delegate button to connect your $ONE wallet.
|Size per Seat||1,000 ONE|
|Service Fee||10% / reward distribution|
|Estimated Reward Distribution||1 day 0 hours|
|Estimated APR (in the 1st year)||164% (at 5% staked)
9% (at 95% staked)
|Contract||1x Reward Distribution|
|Coin Rating*||Grade AA|
|Minimum withdrawal||40 ONE|
|Withdrawal Fee||20 ONE|
Staking Terms for Harmony ($ONE)
Harmony ($ONE) have staking terms that consist of:
- The requirement to join and stake for Harmony ($ONE) in our platform can be seen from the table above.
- You can exit staking after you receive at least 1 reward distribution.
- When you choose to exit, your staked balance will be credited back to the wallet after the unstake time is finished.
- Unstake time takes 7 epoch or approximately 10-12 days from the moment you click exit. Please note that once you exit, we immediately start the unstake process and it cannot be cancelled.
- There is no fee for joining or exiting the Open Staking.
- By joining this Open Staking you agree to our Terms of Service.