Harmony ONE Staking FAQ — Common Questions
During my time running Fortune.ONE Validator these are common questions I’m asked and thought it might be helpful to share.
What is an Epoch?
This is a measure of time that Harmony uses. Currently at 18–24 hours and you will see this referenced within staking.
Do my rewards start straight away?
No, they start on the next Epoch. You could could be waiting 0–24 hours depending on when you staked.
How do I stake?
You need to move your ONE to a compatible wallet.
Can I use my mobile to stake?
Yes. The most common app is Blits Wallet, followed by Guarda Wallet.
Can I use my computer to stake?
Yes. You can use the ONE Wallet Chrome Extension or the Ledger Nano S and then go to staking.harmony.one and stake your ONE.
Which validator should I choose?
It is important to select a validator that is active on social media accounts so you know they are doing their best for you and your rewards. Uptime is also key, if the validators servers are not running then no rewards are generated ( please note if a validator server is not running, you coins are safe! You can move these to another validator anytime ). I believe transparency is key with a validator and I pride myself on this whilst running Fortune.ONE validator.
Is the APY % Fixed ?
No, this is subject to change every Epoch and can typically range around 9-10% for every validator — This is a balancing act that all validators go through tweaking their servers every epoch. Occasionally the % might drop slightly because a validator is between keys and needs a little boost in stake to unlock their next key. So if you see your validator drops slightly don’t panic and bare with them whilst they continue to gain more delegations.
Are there fixed terms?
No, there is no minimum or maximum term for staking with validators
Can I undelegate my coins from the validator?
Yes, this can be done anytime. The only timeframe to be aware of here is for the coins to be fully unlocked it takes 7 Epochs which is currently 5–7 days.
Am I handing over my ONE?
No, they are still within your wallet. You can check your transaction history. They are merely delegated to the validators in a smart contract. I like to describe the coins as ‘locked’.
Validator Fees and how they affect rewards
A common misconception on how these are calculated. If a validator is generating 11.6% Interest and charge 5% fee then the net interest is 11.02%. A real world example: if you generated 100 ONE / month in interest then 5 ONE goes to the validator and 95 ONE goes to the delegator.
Can I top up my stake?
You can top up your stake by following the same process as your initial stake. No need to unstake first. 100 ONE minimum still applies.
How to check transaction history for tax purposes
How often should I claim rewards?
This is purely down to your own preference. If you are looking to top your stake then you will need the 100 ONE to do so. Please note that each time you claim your ONE this is a taxable event. So it may be easier to keep track if you only claim when you need to.
Why should I not keep my coins on an exchange?
It is advise to move your coins to a private wallet as soon as possible, especailly if you are planning on holding. The saying goes ‘Not your keys not your coins’. Leaving them on an exchange opens you to the risk of loosing them / not having control.
Can I partially undelegate?
Yes you can select how much you will to remove from your stake.
How should I backup my seed phrase?
Pen and paper. There should be no other method used to gain the best security of your account.
I hope this FAQ has helped. Please let me know in the comments or messages if you have any further questions and I will be happy to help.
ONE Wallet Guide: https://fortune-one.uk/one-wallet
Blits Wallet Guide: https://fortune-one.uk/blits
Ledger Nano S Guide: https://fortune-one.uk/ledger
Telegram Group Chat: https://t.me/fortuneonevalidator