OpenSwap Validator Update

Open X Swap
6 min readDec 16, 2021

OpenSwap has always been on the cutting edge of creativity for Harmony validators. It is time to take it to the next level. Beginning today, several new and exciting features have been rolled out for the OpenSwap validators. These upgrades will allow you to control your delegated tokens through the OpenSwap site. Granting the ability to stake / unstake and view details about your delegated tokens all on OpenSwap. The ability to choose the percentage of rewards you would like to receive in OpenX grants the user more flexibility with their rewards. The remainder of this article will review the each feature in detail and provide a user guide.

Know more about your assets on OpenSwap.one:
More detailed information about your delegated tokens is now available on OpenSwap. Here is the information that will be available to you through the new interface on OpenSwap:
➢Total delegated tokens
➢Total pending undelegated tokens
➢ Total amount of $OpenX earned
➢ Total amount of $ONE earned
➢ Total USD value of the rewards earned
➢ APR% from Harmony Staking site
➢ Injected APR% from the validator bonus rewards
➢ Total APR% earned
➢ Total USD value of the delegated tokens

Stake and Unstake on OpenSwap
The new interface allows you to stake or unstake $ONE with the validator directly through the OpenSwap website while using the Harmony Browser Wallet. Alleviating the need to visit multiple websites unnecessarily. OpenSwap is your one stop shop for DeFi.

Control your destiny: Choose the percentage of OpenX rewards
The 20% APY Node Validator has always produced 100% of rewards in OpenX. Through the interface on OpenSwap, you can now select the percentage of rewards you would like to receive in OpenX tokens. You may choose between 30% and 100%. Whatever percentage you select, those rewards will be used to market buy OpenX and send it to the delegator address. The remaining percentage of rewards will be issued to you as $ONE tokens. This process occurs every 30 minutes.

For example, if you choose to receive 50% OpenX, your rewards will be 50% OpenX and 50% ONE. Makes it pretty easy to create a OpenX / ONE LP, stake, and farm.

$ONE rewards airdropped
With the OpenSwap Validator, you will no longer need to go to the Harmony Staking site and claim the rewards for your $ONE tokens. All rewards, $OpenX and $ONE, will be sent directly to the delegator address. This transaction will occur every 30 minutes; just sit back and watch your balance grow.

Coming soon…Auto-Compounding of rewards:
The next update for the validator is already planned. It will include the ability to automatically create a LP and stake it on OpenSwap using your rewards. How will it work? If you choose to have 50% of the rewards distributed in $OpenX tokens, when tokens are distributed it will also prompt additional action. This will automatically create the OpenX / ONE LPs and stake them to OpenSwap for you. This will constantly compound your rewards from the validator into the OpenX / ONE LP. The compounding of these rewards will drastically increase the percentage on your return. The release for this update has not neem determined at this time.

Coming soon…staking with MetaMask:
At present time, you can not use MetaMask to stake $ONE, only the Harmony browser wallet, math wallet, and ledger are available. We have already begun the research into what is needed to integrate MetaMask into our staking UI to allow users to use it. Staking $ONE through MetaMask does not have a scheduled release and the date for completion is TBD.

USER GUIDES

Staking with the validator:
STEP 1: Go to Openswap.one **Confirm your Harmony Browser wallet selected is connected to the site**
STEP 2: Click on ‘Farm’ in the menu
STEP 3: Click ‘Details’ on the validator of your choosing
STEP 4: Enter in the amount of $ONE to stake in the ‘Stake Amount’ area
STEP 5: Click ‘Stake’
STEP 6: A popup will appear from the Harmony Browser Wallet. Enter any security information required. Click ‘Approve’
STEP 7: Click ‘Confirm and Sign’

You have now staked your Harmony $ONE and are earning rewards.

Unstaking with the validator:
STEP 1: Go to Openswap.one **Confirm your Harmony Browser wallet selected is connected to the site**
STEP 2: Click on ‘Farm’ in the menu
STEP 3: Click ‘Details’ on the validator of your choosing
STEP 4: Click on the ‘Unstaking’ tab
STEP 5: Enter in the amount of $ONE to stake in the ‘Unstake Amount’ area
STEP 6: Click ‘Unstake’
STEP 7: A popup will appear from the Harmony Browser Wallet. Enter any security information required. Click ‘Approve’
STEP 8: Click ‘Confirm and Sign’

You have now unstaked your Harmony $ONE and are earning rewards.

Choosing the percentage of OpenX rewards on OpenSwap:
STEP 1: Go to Openswap.one **Confirm your Harmony Browser wallet selected is connected to the site**
STEP 2: Click on ‘Farm’ in the menu
STEP 3: Click ‘Details’ on the validator of your choosing
STEP 4: Click on the ‘Set Ratio’ tab.
STEP 5: Enter the percentage of OpenX you would like to receive in the ‘Set Reward Ratio OpenX:One’. For example, you would enter ‘50’ if you would like to receive 50% of the rewards in OpenX tokens and 50% in ONE tokens
STEP 6: Slick ‘Set’
STEP 7: A popup will appear from the Harmony Browser Wallet. Enter any security information required. Click ‘Approve’
STEP 8: Click ‘Confirm and Sign’

You have set the percentage of rewards you will receive in OpenX and ONE.

Adding OpenX to be visible in your Harmony Wallet:
STEP 1: Enter your Harmony Wallet
STEP 2: Click on ‘HRC20’
STEP 3: In the ‘Token Contract Address’ enter in the OpenX address (0x01A4b054110d57069c1658AFBC46730529A3E326).
STEP 4: Click ‘Add Custom Token’ button.

OpenSwap (app.openswap.one) is a fast and secure non-custodial decentralized exchange that serves as a one-stop-shop to buy, trade, and earn crypto whether you’re from the Harmony, Ethereum, or Binance Smart Chain networks. OpenSwap allows Harmony users to seamlessly trade peer to peer without the tokens ever leaving the original wallet and through liquidity supplied by other users of the platform. With OpenSwap, users can:
- Exchange Tokens/Coins
- Provide Liquidity to Pools
- Earn Rewards by Staking in Lucrative Incentivized Liquidity Pools
- View ‘Personal Farming Profile’ detailing your rewards including Total Stake Value, Average APR %, Total Current Rewards, and Total Current Rewards in USD
- Simplified Bridge for Tokens/Coins to and from the Harmony, Ethereum, and Binance Smart Chain Network
- Collect Fees on Provided Liquidity Without Staking
- Vote on Governance Decisions, Including Adding New Tokens

Twitter: https://twitter.com/OpenSwap_one
Telegram: https://t.me/OpenSwap_Harmony
Discord: https://discord.com/invite/Hau5FFPxzS
Reddit: https://www.reddit.com/r/OpenSwap_Harmony/

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