How to buy and hold ONE with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
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Harmony (ONE) Token Review
ONE is the native token of the Harmony network, an EVM-compatible and scalable blockchain designed to simplify the development and use of decentralized applications (dApps).
About Harmony (ONE) Network
In 2018, the Harmony network was introduced as a protocol to address blockchain’s scalability, decentralization, and security limitations. It was the first sharded layer 1 blockchain to adopt a proof-of-stake (PoS) consensus mechanism, enhancing transactional throughput and network security. The following year, Harmony successfully secured $28.5 million through three funding rounds. It paved the way for its official mainnet launch that transformed block creation by prioritizing processing speed and validity.
In 2019, ONE was released as the native token of the Harmony ecosystem. The coin holders use it to vote on protocol-level decisions and pay network transaction fees. Then, in 2020, Harmony decentralized its network by introducing a mechanism enabling users to delegate ONE tokens initially locked in staking to validators.
The Harmony (ONE) Token Use Cases
- Network fees - ONE holders use the coin to pay gas fees in the Harmony ecosystem.
- Stake to secure the network - Users can stake the ONE tokens, contribute to the network’s security, and get elected as validators. To become a validator or node, holders need to stake a minimum of 10,000 ONE. Validators receive block rewards in the form of ONE token as compensation for their work. Rewards typically range from 7.25% to 10.21% APR, determined by the total staked tokens and validator performance on the network.
- Voting - Holders can engage in the Harmony network governance by voting on proposed protocol level decisions.
- DeFI - The utility of ONE tokens could increase as the Harmony DeFi ecosystem grows. These coins can be used in borrowing platforms, liquidity pools, and as collateral in various decentralized finance (DeFi) applications.
The ONE token has more than 13.7 billion coins circulating out of a total supply of 14.1 billion, with a live market cap of $236,045,230. This difference in circulating and total supply is due to the network burning tokens earned on early stage mainnet mining. As of May 2020, a total of 319,237,512 ONE coins were burned, with 90,883,693 from foundation nodes and 228,353,819 from internal nodes. Also, all transaction fees are burned that reduces the total ONE supply.
The inflation schedule of the Harmony One token was dynamic until March 2020 when it adopted a fixed yearly rate. The current annual supply inflation rate is 7.33%, leading to an increase in supply by over 937 million ONE in the past year.
The initial distribution of ONE coins was as follows: Seed sale (22.40%), Launchpad Sale (12.50%), Team (16.90%), Protocol Development (22.40%), Node Round (4%), Ecosystem Development (21.80%).
Holders of ONE tokens can stake their coins to protect a network and receive rewards, contribute to platform development by voting on proposed changes and participate in versatile Harmony DeFi and NFT ecosystems. The current price of the coin is $0.016, and its value is influenced by market factors.
Security is a major threat to the network, demonstrated by hackers exploiting the Harmony Horizon Bridge and stealing altcoins worth $100 million in June 2022. Also, the coin contends with growing EVM competitors like Polygon, Arbitrum, and Optimism, sharing similar goals.
Buy ONE tokens easily in the Wigwam crypto wallet. Also, you may usee crypto exchanges, like KuCoin, Binance or Bitfinex exchange.
To successfully stake ONE, follow these easy steps:
- Go to the official Harmony website at https://www.harmony.one. Download the Harmony One Wallet and set it up.
- Buy ONE tokens from a supported crypto exchange and transfer the coins to your wallet.
- You need a minimum of 100 ONE in your wallet for staking and maintain a minimum balance of 1 ONE in your account for network fees
- Click on the validator section and choose whom to delegate your tokens
- Consider past performance, uptime, and commission rate before selection
- Specify the amount to stake and delegate your tokens
- Confirm the transaction to complete the staking process.
Blockchain explorers are platforms to view ONE address activities. Etherscan (for Ethereum) and Harmony Blockchain Explorer (for Harmony) are perfect for users at all levels. Etherscan displays market information and transaction history, while Harmony Blockchain Explorer provides blocks and transaction history with timestamps.
Use crypto wallets that support EVM-blockchains such as Metamask or Harmony One Wallet to successfully add ONE tokens. Install the wallet and go to settings, and select network. Click add network and choose Harmony Mainnet from the dropdown. After connecting to the network, click on the assets tab and choose the import token. Search for ONE and import your assets. If the coins aren't visible, use the manual procedure. Click "custom token," enter a ONE token address.
For the Ethereum network the token address is: 0xD5cd84D6f044AbE314Ee7E414d37cae8773ef9D3. Then, input "ONE" for the symbol and "18" for decimals.
Confirm the details, and your ONE assets should be visible in the wallet.
The crypto market's unpredictability poses a risk for buyers of this token, as a price decline could result in unexpected losses. Also, the token faces increasing competition from coins with similar use cases.