Harmony
Stake Harmony with Kiln, enterprise-grade staking
What is Harmony?
Harmony is an open blockchain built to be fully scalable and energy efficient. Through a sharding-based blockchain, the protocol achieves a 2 seconds transaction finality for very low fees. Harmony also has a built-in Zero-Knowledge Proofs functionality enabling research and innovations around privacy.
How is Harmony Delegated Proof-of-Stake implemented?
Anyone can delegate some ONE tokens to a validator that participates to the consensus of the Harmony. The more stake assigned to the validator, the more often it is chosen to write new transactions, and therefore the more it earns rewards.
What is staking?
Proof-of-Stake protocols use staking to create consensus. By locking native tokens into a smart contract, you earn the right to secure a chain and earn rewards on your stake. Due to its environmental efficiency, staking has overtaken mining and is used far more often in newer protocols.
By locking a protocol’s native tokens (ie ONE) to give “validators” the right to secure a chain. Validators propose new blocks or attest other validators’ blocks, gaining rewards for doing so.
Why should you stake your assets?
Staking generates predictable yields and is considered a safe way to build capital. It is the most natural yield feature in crypto as the value originates from the blockchain’s native currency inflation, which makes it forecastable. You help secure the network and earn rewards by staking your ONE.
If you do not stake, your assets token share will be diluted among other people’s tokens that are being staked and accumulating new tokens into the network.
You can stake ONE and other (d)PoS cryptocurrencies to:
- Put your treasury to work
- Diversify and earn while contributing to blockchains decentralization
- Bring new opportunities to generate safe yields to your users
Example: A $100M ONE treasury yields $6.8M revenue per year with staking, unlock-able in 1 click
- Put your treasury to work
- Diversify and earn, while contributing to blockchains decentralization
- Bring new opportunities to generate safe yields to your users
Protocol Card
How to stake Harmony with Kiln?
You can start staking with 100 ONE. To stake ONE, you’ll only need to access Kiln dashboard to stake your ONE in a few clicks. Select the Account you want to stake on and the amount of ONE and connect your wallet:
- Login to the Kiln dashboard
- Initiate Stake by selecting your Account and the amount of ONE
- Connect your ONE wallet: Metamask, Ledger, Fireblocks, etc. supports multiple wallets.
- Confirm the staking transaction
- After the bonding period (~5.5 days) you will start earning rewards
To unstake, you simply need to undelegate into one transaction, you will receive your original stake back in your wallet as well as accumulated rewards from delegation at the end of the current epoch, which is 18 hours maximum.
What are the rewards associated with staking ONE?
As an incentive for helping to safeguard the network, you can earn up to 7.16% APR* from each ONE validator you stake on Kiln.
Why should you stake your ONE with Kiln?
Kiln is the leading enterprise-grade staking platform, enabling institutional customers to stake ONE, and to whitelabel Harmony staking functionality into their offering. Our platform is API-first and enables fully automated validators, rewards, data and commission management.
We are serving thousands of businesses worldwide so that everyone can securely and seamlessly. Our clients can stake their coins from our dashboard, a hardware wallet, a browser wallet, a B2B custodian, a crypto exchange or just their favorite investment app. Kiln makes staking Harmony easy, secure, and accessible to everyone.
- Stake ONE in 1 click
- 99% rewards guarantee
- Manage all your ONE stakes and rewards from a single dashboard
- Non-custodial, work with your existing custodians Solutions e.g.Fireblocks
- SOC 2 certified and Industry leading SLAs (0 penalties recorded and 99.95% effective uptime)
Looking to stake ONE?
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Stake Harmony FAQ
What does Proof-of Stake mean?
Proof-of-Stake (PoS) is a type of consensus mechanism used to validate cryptocurrency transactions. Through PoS, validators can contribute to the block production of a chain while keeping environmental concerns to a minimum, which is becoming an increasingly large issue in Proof-of-Work, the consensus algorithm used in Bitcoin.
By staking capital rather than energy, validators risk losing a portion of their value and future potential for staking by misbehaving while creating blocks. This incentivizes collaboration and minimizes malicious activity in the consensus process.
What is the difference between PoS and dPoS?
Both are consensus algorithms, helping to democratize participation in securing a blockchain. DPoS is an iteration of PoS combining real-time voting with a system based on reputation to reach consensus across the blockchain. Voting power is still determined by how many tokens they have however.
When will I receive ONE rewards?
ONE rewards are issued every block in the same ONE address you are staking with.
Does interest compound when staking ONE?
ONE rewards are not compounded. You have to claim rewards and add them to your stake to compound ONE tokens.
What are the risks associated with staking ONE?
Harmony implements a slashing mechanism. This includes downtime for validators and their delegators and for nodes that attempt to vote on two separate attestations at the same time. Slashed validators will add bonded tokens to the staking pool.
Slashing also occurs if Harmony’s Proof-of-Stake generates an invalid hash.
The main risk on the Harmony blockchain as of today is downtime. To prevent this risk, you can outsource your blockchain services to a dedicated infrastructure provider such as Kiln, which has a 99.95% effective uptime. You can now focus on your business while our experts take care of the infrastructure.
Is there a minimum and maximum amount to stake for Harmony?
There is no minimum and maximum to stake ONE.
Do I maintain custody of my ONE tokens? Is ONE staking non-custodial?
While you may maintain self-custody of your staked ONE (ideally using a Ledger hardware wallet), you may also choose a third-party custodian to control the withdrawal of your staked ONE (i.e. Fireblocks).
What is the lockup period to stake Harmony? When can I unstake and withdraw my ONE?
The maximum lockup period for Harmony is 1 epoch, and one epoch is ~18h.
How do rewards and penalties work?
For every slot, the validator is expected to sign attestations. If submitted attestations are good, the validator receives rewards, otherwise it receives penalties. In case the validator is offline it will also receive penalties.
What is the average block time on Harmony?
The average block time on Harmony is 2 seconds.
What is an Annual Percentage Rate (APR) and how is it different from Annual Percentage Yield (APY)?
APR, or annual percentage rate, is the fixed interest rate earned on an investment over a one-year period. It is the percentage of return investors can expect to receive on their investment. On the other hand, APY or annual percentage yield, takes into account the compounding of interest on a fixed schedule. It includes both the interest earned and the interest on previously earned interest.
When it comes to PoS protocols, compounding does not always apply as additional validators can be needed to stake more. Therefore, APR is used instead of APY. It's worth noting that APY and APR cannot be compared directly, as they measure different things. However, it is possible to convert APR to APY and vice versa.
Where can I learn more about Harmony?
We invite you to visit the Harmony website.
