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How to Stake Harmony (ONE) in the Guarda Web Wallet

New high-performance DeFi blockchain protocols have replaced outdated and inefficient platforms that have problems with scaling, network bandwidth, and transaction fees that can reach several dollars. We present you with a brief overview of the Harmony Protocol platform and a guide on staking ONE tokens via the Guarda web wallet. In this article, you will learn how to create a wallet, receive and send transactions, and how to stake ONE.

How to create a wallet

Guarda is a multi-currency online wallet that supports multiple cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Cosmos (ATOM), Harmony (ONE), and many others. The wallet has a built-in exchange for quick purchase and sale of cryptocurrencies (Swap) and supports staking. The Guarda wallet is also available on other platforms: Windows, iOS and Android.

In order to create a web wallet, go to the Guarda website and click “Create Wallet”.

It will open the web-app wallet. Click “Create a new wallet”. If you have previously created a Harmony wallet, you can import it by clicking “Restore or Import”.

Create and set a password to log in to your wallet, and then confirm it. Make sure that the indicator on the right says “well done”. This means that the password is strong enough. Save your password and click “I’ve written it down” to continue.

The process of creating a multi-currency wallet will start. This usually takes no more than a minute.

Now download and save a backup copy of your wallet (key storage file) on your local device. You can use this file and password to log in to your wallet. Don’t lose it.

The wallet is ready to use. Now we have logged in right away, but we will need a password and a Keystore File for subsequent logins.

Find the Harmony Protocol wallet. To do this, start entering its name or token ticker (ONE), and the wallet will appear in the list. Click “Add” to make ONE address available. Along with this, a backup copy of the wallet will be downloaded to your PC.

Note. You can create multiple wallets for any cryptocurrency by clicking “Add Wallet”. A separate backup copy is created for every such wallet. It is important not to lose it.

The wallet is added. Click on it to open the wallet.

The “Receive” tab opens immediately, where you can find the wallet address and QR code for adding funds to it. Send ONE tokens to this address or add another cryptocurrency to your wallet, and then exchange it for ONE using the internal exchange.

How to stake ONE

After you have topped up your wallet, click the “Stake” button located at the bottom of the screen or under the name of the wallet.

Select the wallet you want to delegate tokens from and enter the ONE amount. The minimum amount of tokens for staking is 1000 ONE. If you try to stake a smaller amount, the Guarda wallet will display the “Insufficient funds” message. To select the Harmony Protocol validator, click “Advanced options”.

A list of available validators will open. To search for a validator, start entering its name, for example, Everstake. The validator’s name shows the current yield and the profit fee charged by the validator. After that, click “Next” to continue.

Now check the transaction details and confirm if everything is correct.

If tokens are staked successfully, you will see the following message:

Information on staking can be found on the page of your ONE address in the second block from the top. To get a reward, click “Get a reward for staking ONE”.

Please note that if the amount of the reward is less than the network fee, the tokens will not be credited. So don’t claim rewards too often. You will be able to withdraw tokens no earlier than after 7 epochs — this is approximately 5 days, depending on the current state of the Harmony network. You can find the FAQ on Harmony staking in the Guarda wallet via this link.

The rewards are distributed each epoch (≈18h currently) and won’t be compounded automatically. In order to add rewards to a stake, you need to claim them manually. You can add claimed rewards to a stake once the minimum required amount is reached.

How to unstake ONE

To unstake your tokens, click “Unstake”.

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Now check the transaction details and confirm if everything is correct.

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The tokens are successfully unstaked. 

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Remember: Your funds will be refunded on your balance after 7 epochs (up to 7 days), or you can redelegate them after 1 epoch.

Subscribe to our Everstake channels on social networks, where you will find a lot of useful articles and guides on staking.

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